Sei sulla pagina 1di 100

cover_BLT_02_2020.

qxp_coverBLT 14/02/20 16:16 Pagina 1

CONTRATTI PUBBLICI Legislazione Tecnica 87° anno di pubblicazione

FEBBRAIO 2020
Periodico fondato nel 1933 dal dott. ing. Dino de Paolis

Bollettino
Francesco Russo

Sentenze Appalti
Rassegna sistematica e Ragionata
di giuRispRudenza in tema 02.2020 febbraio di Legislazione Tecnica
di appalti e contRatti pubblici
SISMABONUS
• Linee guida aggiornate ai sensi del D.M. 24/2020

Bollettino di Legislazione Tecnica


• Scheda tematica con indicazioni fiscali e tecniche
Principi generali, RUP

Contratti sotto soglia, servizi


di ingegneria e architettura

Operatori economici e
raggruppamenti

Preparazione e indizione della gara


PROFESSIONE
Requisiti di partecipazione e criteri • Guida pratica alla polizza di Responsabilità Civile per i tecnici
di selezione
VARIE
Commissione giudicatrice • IVA agevolata interventi di eliminazione barriere architettoniche
• Consolidamento strutturale con sistemi di rinforzo FRCM

Tariffa Roc - Poste Italiane S.p.A. Spedizione in Abbonamento Postale - D.L. 353/2003
Avvalimento e subappalto
SPECIALE INDICI E TASSI
Affidamento, aggiudicazione • Indice Istat dei prezzi al consumo per famiglie di operai e impiegati
e stipula del contratto (aggiornamenti, tabelle complete, utilizzo per locazioni, TFR e rivalutazioni)
• Indici Istat dei costi di costruzione di manufatti edilizi

(conv. in L. 27/02/2004 n. 46) art. 1 comma 1 - DCB - ROMA


Concessioni, PPP, settori speciali,
(aggiornamenti, tabelle complete, utilizzo per calcolo costi opere di ingegneria)
contratti infungibili
• Tassi di interesse per la rivalutazione dei crediti
Esecuzione e contenzioso (interessi legali e di mora, tabelle complete, disciplina per i contratti pubblici)

RUBRICHE
• Tutta la Normativa Nazionale e Regionale Gennaio 2020
euro • Aggiornamento norme UNI-CEI

42,00 • Massimario di Giurisprudenza

Volume inviato
in abbonamento nelle
Acquista online su: “Edizioni di
ltshop.legislazionetecnica.it/ Legislazione Tecnica”
Il Bollettino su Internet: Banca Dati News e
2 Periodico online Approfondimenti
legislazionetecnica.it normativa aggiornamenti
cover_BLT_02_2020.qxp_coverBLT 14/02/20 16:16 Pagina 2

Bollettino
di Legislazione Tecnica ABBONAMENTI E PREZZI 2020
Graziano Castello
SINGOLI SERVIZI
Servizio

BOLLETTINO DI LEGISLAZIONE TECNICA ONLINE


Costo ann. Imponibile/IVA Codice MEPA

Manuale operativo
ONLINE

CON BANCA DATI € 153,85

del Valutatore immobiliare


Accesso completo al sito legislazionetecnica.it (Banca dati normativa, € 160,00 BLTWEB-SAB
+ IVA 4%
Contenuti redazionali/autorali, Versione online del Bollettino su carta e
dei supplementi con archivio storico)
BOLLETTINO DI LEGISLAZIONE TECNICA SU CARTA IVA assolta
€ 130,00
METODO E PRATICA DEGLI IVS PER VALUTATORE BASE E AVANZATO
BLT
Periodico mensile su carta (11 numeri) dall’editore
GIURISPRUDENZA IVA assolta
€ 49,00 -
Supplemento semestrale su carta (2 numeri) dall’editore

BOLLETTINO UNIONE EUROPEA IVA assolta


SU CARTA(*)

€ 32,00 - • Elementi di base e standard per la valutazione


Supplemento quadrimestrale su carta (3 numeri) dall’editore

EDIZIONI IVA assolta


€ 105,00 - • Valutazioni orientate al costo
Supplemento trimestrale su carta (4 numeri) dall’editore
(Approccio al costo; Aree fabbricabili;
QUADERNI (**) IVA assolta
€ 52,00 - Deprezzamenti)
Periodico trimestrale su carta (4 numeri cartacei) dall’editore

ARCHIVIO STORICO BOLLETTINO DI L.T. SU CD € 98,36


€ 120,00 -
• Valutazioni orientate al mercato
Annate disponibili a partire dal 1994 + IVA 22%
(*) Tutte le pubblicazioni su carta comprendono la consultazione online dei singoli numeri e dell’archivio storico. (Market Comparison Approach; Sistema generale
(**) I “Quaderni” sono in omaggio con qualsiasi altro abbonamento a servizio singolo o Formula risparmio. di valutazione)
FORMULE RISPARMIO
FORMULA FORMULA FORMULA • Valutazioni orientate al reddito
SERVIZI COMPRESI BOLLETTINO BOLLETTINO COMPLETA (Tasso di capitalizzazione e tasso di interesse;
E BANCA DATI E RASSEGNE (MAX CONVENIENZA)
Capitalizzazione diretta)
ONLINE

Bollettino di Legislazione Tecnica online


con Banca dati 2a EDIZIONE • Valutazioni orientate al rischio
AMPLIATA, RINNOVATA
E INTEGRATA (Valutatore avanzato)
Bollettino di Legislazione Tecnica su carta CON GLI STANDARD (Investimenti immobiliari; Yield Capitalization;
PER IL VALUTATORE
Supplemento Giurisprudenza AVANZATO Discounted Cash Flow Analysis; Fondi immobiliari
SU CARTA

e SIIQ)
Supplemento Bollettino Unione Europea

Supplemento Edizioni

Supplemento Quaderni
NOVITÀ EDITORIALE DOWNLOAD
€ 210,00 € 260,00 € 290,00
SOFTWARE VÀLUTA

68,00
Costo NUOVO ABBONAMENTO annuale (anziché € 342,00 (anziché € 368,00 (anziché € 528,00
sconto 39%) sconto 29%) sconto 45%)
Valutazione immobili residenziali


€ 184,00 € 230,00 € 268,00 secondo i metodi MCA, SAD
Costo RINNOVO annuale (anziché € 342,00 (anziché € 368,00 (anziché € 528,00 e Capitalizzazione diretta.
sconto 46%) sconto 38%) sconto 49%)
IMPONIBILE/IVA IVA ASSOLTA DALL’EDITORE IVA ASSOLTA DALL’EDITORE IVA ASSOLTA DALL’EDITORE

CODICE MEPA LTFR1 LTFRF LTFR2

PER ABBONARSI O RINNOVARE


Vai su Chiama il numero verde
http://ltshop.legislazionetecnica.it/abbonamenti per parlare con un nostro
per completare l’acquisto in modo facile, operatore ed effettuare
veloce e sicuro.
Le Pubbliche amministrazioni possono effettuare
l’acquisto telefonico,
ricevere un preventivo acquistalo su: ltshop.legislazionetecnica.it
l’abbonamento o il rinnovo tramite il MEPA, personalizzato, ecc.
utilizzando i codici prodotto riportati nelle tabelle.
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 97

 
     

Bollettino








N. 1/2017 gennaio di Legislazione Tecnica



-,-+-+*




)(')&)*(%$#"!) "*
)*(*(*765443210/./.-00,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

)*(*$*765443210/./.-00,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

)*(*()**&)*765443210/./.-00,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0



)#"%(*
  
*  ** *  **  ***
 *
+0*561)50(2'&3)20%5$02)0#2'"3!14 '00,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

+0)3''2(2&3214505035'32145020$2'&210'2'"2&1056)2052(2&20,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

+0,024,04($3'$  $5050$3'%,0/.//.04,0075'10&11$2431-0,,,,,,,,,,,,,,,,,,,,,,,,,,,,0



$%)%(*
  **   ***   **
+01!!)2610203''2& $321450%$1(5''2143)5050)30' 30$32100,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

+0 3410 01!!)2631$21032 3$50)30%1)230$&0%$1(5''2143)500,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

+01454 205))30%1)230*0%$1(5''2143)500,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

+0
'%520%$32&200,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

+0 )1''3$2105205$"24203''2& $32 200,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0



"$)*
) "*** * **
+045$%,0
6,04$350././.04,000,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,0

& *   **  * *$&#*


+0,014',0# %,0,,0.//.04,0/00,,,,,,,,,,,,,,,,,,,,,02'%142!2)5014)24503'0240*

97
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 98

 
  
     
  

         .-,+


*)(+'&%$+#+! '(+%$+(+(+$!+'&%&+(+$!(++&($+(+($+.-,+
!+$&$(.-,+
$ (!!$+'&!($.-,+
*$!'&!&+(!!(+ $$&+'&+(+%($+!&+(+'&('(++$''&&.- +
!&+(!! '(++(+!$+ $!$&(+(+'$&++!&'$&(.-
+
!&+(!! '(++(+!$+ $!$&(+(!+$$(&++(+$&&+ .
+
!&+(!! '(++(+!$+ $!$&(+&($$++%&(++(($!(.
+
  
   
.
+
*)(+'&%$+%&&+!+'+%$+(+'&%++'&%&(++$$+(!.
+
*$&++&%%( $&(.
+
!&+(!+'+(!+&'((&++%$+(!+'&%&++ &($.
+
!+$&$(.
+
$ (!!(+'&!((.
+
       
 .
+
((%%+!($!+(+((%%++&$+%'$&+!&+(+(((.
+
%$+(!+((%%+!($!+(+(!+((%%++&$.

+



     
++.+



Bollettino
di Legislazione Tecnica
Direttore Responsabile: Piero de Paolis
Direttore Editoriale: Dino de Paolis
Comitato di Redazione: Rosalisa Lancia,
Sotto gli auspici della Alessandro de Paolis, Ruggero Giannini
Associazione Nazionale
Ingegneri e Architetti Italiani
Redazione: Anna Petricca, Emanuela Greco
Pubblicazione mensile dal 1933 Coordinamento editoriale supplementi UE: Angela Perazzolo
registrata al Tribunale di Roma, Progetto grafico: Roberto Santecchia
l’11/06/1949, al n. 436
Impaginazione e grafica: Cinzia Cavoli, Adelaide Sassu
Redazione, amministrazione
e distribuzione
Pubblicità: AGICOM S.r.l. Tel. 06.9078285
Legislazione Tecnica s.r.l. Stampa: Stabilimento Tipolitografico Ugo Quintily S.p.A.
00144 Roma - Via dell’Architettura, 16 Servizio Clienti: servizio.clienti@legislazionetecnica.it
Tel. 06.5921743 Fax 06.5921068
Tel. 06.5921744 Fax 06.5921068
Registro degli Operatori di
Comunicazione (ROC) n. 7520
Redazione periodici: redazione@legislazionetecnica.it

ASSOCIATA ALL’USPI
Unione Stampa Periodica Italiana
www.legislazionetecnica.it
L’Editore non risponde in merito a eventuali danni diretti o indiretti che possano derivare da
Abbonamento annuale: € 130,00 possibili errori, omissioni o imprecisioni delle informazioni contenute in questa Rassegna.
Fascicoli separati: € 11,82
Supplementi UE: € 32,00

98
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 99

BLT 2.2020 – INDICI NORMATIVA

+*)('&%$'#+'"%*+'! #
0=<53614</84:361.<:1-:,1:/-6)4854:1-)6((<.:/<54:156)/84:(:1<1.:1-)899:1-'&&=:384:1
5<==81%2$21.<==81#<-'&&=:381"48=:858!19':19:4:1"54<)5<41.<==<1 '46):41</:44<54:!16136
/'5'<1</8584:161)<9:1564:15<=1-<):6.61

  21=4)<18==<1:5
6)/87:65:1':1):-6)484<1:1=<446):!14)8/:4<1:=136.:3<18941:5.1(21):'8.)61-6996561
833<.<)<18.1'51-:,18/-:61<=<5361.:156)/<1.:1:54<)<99<!13659'=48)<1:14<94:136/-=<
4:1.:14'44<1=<156)/<!1-:,18/-:136//<54:1<.18=4)<1):96)9<136==<;84<21

%&)"%*+%# )#*+!&') #%#*+& +&%#'%+&%$%#*+!%+ #
&.''+6%+6,01$+613201'('+6/36*+#.3'06*0,06"011+/('+6/+%6"0/3"+6!(*'6!3,/6 6%+*"%.*3)06*3*'+$(63/+('06/(6+#37
*%(-30,+6&+",3"(62+161+2+131+61(23/($+,'+636"0,'+,.'36*.%621021306*3'06+6%6"0/3"+6/+)+6+**+1+63,*+13'06,+%6
"($2062+16%(613"+1"(6*3'.('063,6(%'06(6/+*'1(6*.6'.''+6%+62(#3,+6/+%6*3'062=<;:9=87:65<4<35:382:462+16(""+/+7
1+63$$+/3('($+,'+6(%6"0,'+,.'06/363,'+1+**+6
-6 +16(""+/+1+6(%%(6)+1*30,+60,%3,+6/36.+*'(61.13"(6+6"0,*.%'(1+606*"(13"(1+6/(6.,(6*0%(62(#3,(636'+*'36
.3"3(%36/36'.''+6%+6,01$+6+%+,"('+6.'3%3--(63%6!(*'6!3,/6
)#
-6 +16(22100,/31+6%(6*3,#0%(6,01$(6.'3%3--(63%6!(*'6!3,/613201'('06(""(,'06(#%36+*'1+$362+16()+1+6(""+**06
(%6'+*'06*+$21+6(##301,('06(%%+6(%'1+6,01$+6"0%%+#('+6(#%36(1'3"0%36+/6(22100,/3$+,'36+""66

1 =3'5:13654<5'4:196561)':&:=:196=61.8;=:18&&6584:18=19:46161816)/'=<13<1=6136/-)<5.6567


'(% +& #' '%*# # +%#!&)'!%#
## # #
#  #
21:521"5)894)'44')<1<1)89-21   1
1 1"1 1
0/33"(6/+%6/+"1+'0656$(##3065 63,61+"+23$+,'06/+%%(61+''33"(6(%%(6/31+''3)(65
6/+%%(6
0$$3**30,+61+%('3)(6(36"0,'10%%36'+",3"36*.6*'1(/(6/+36)+3"0%36"0$$+1"3(%36"31"0%(,'36,+%%
,30,+6

6 5 6,66
7
 #   # ## # #
21<;2(61    !15211
1 1"1  1
3*"32%3,(6 *(,-30,('013(6 2+16 %(6 )30%(-30,+6 /+%%+6 /3*20*3-30,36 /36 ".36 (%6 1+#0%($+,'06 
6 ,6
5 5 6*.36#(*6%.01.1('36(6++''06*+11(6+6"+6(10#(63%61+#0%($+,'06 6,6  6

6 5 6,656
657 432130/7 132.7 5.7 -,+2,*5,).7 +.)(,/).0/1,.7 *317 5.7 ',/5.(,/)37 -3&5,7 /%%5,&$,#7 -,7 2",7 .57 !3&/5. 7
#7)77-355#7+",7&.+75"/1"1.0,7.73300/7+311.#72$37.%1/&.7,57!3&/5. 7#7)7
7-355#737-3,7135.0,',713&/5. 3)0,7-,73+32"(,/)37-355.7/ ,++,/)373"1/*3.#7.00".0,72/)74!7
#7)77
3,7 2.+,7 ,)7 2",7 )357 432130/7 +/)/7 *13',+037 +.)(,/),7 . ,),+01.0,'3#7 13+0.7 31 .7 5.**5,2.(,/)37 -35537
+.)(,/),7*3).5,7 ".)-/7,57.00/72/+0,0",+23713.0/77
7
  # ##
## #
21:521"5)894)'44')<1<1)89-21   1
1 1"1 1
0/33"(6/+%6/+"1+'0656$(##3065 6+63*'3'.-30,+6/+%61+#3*'106.,3"06/+#%363*2+''0136/361+)3*30,+6

6 5 6,66
317537,).5,0 7-,72",7.55.107#7-35747
,)76)1.+01"00"13737 1.+*7#7)7#77,+0,0",0/7,57
13&,+01/7"),2/7-3&5,7,+*300/1,7-,713',+,/)372$37.++/5'375.7")(,/)37-,7353)2/7,)/1 .0,2/7-,713&,+01.
(,/)37-3&5,7,+*300/1,737-35537,)/1 .(,/),7.-73++,7.++/2,.0,7372$37+.1 713&/5.0/72/)7.00,7-355"0/1,0 7
2/ *303)037
657+"--300/713&,+01/7*31 30031 7.5 3)/7537+3&"3)0,7")(,/),7
.7,-3)0,,2.(,/)37-355,+*300/137.)2$37,)7/1 .7-,&,0.537
%72/)01/55/7-355.71,+*/)-3)(.7-3,7'3,2/5,72/)01/55.0,7.55."0/1,((.(,/)371,23'"0.7
27 /),0/1.&&,/7-35537.00,',0 7-,7/1 .(,/)37/%%5,&.0/1,37
-7.12$,',/7-35537.))/0.(,/),7-,+2,*5,).1,737-35537+.)(,/),77

99
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 100

BLT 2.2020 – INDICI NORMATIVA

+**+)('&%&$#"(!+(('&* )'$'&
+&&&&&& & &
% ! !%#'%   
  
$.-1#1"&4 -)!4 -)"/)%.4 4 -1")/)4 34 /)"&*%)4 $.-&!1%4 )4 %)014 0)/4 !&%%,&+1.*)4 -)!!)4
-1(0.(1+1.*14 1*4 &%)/1&4 -14 )1((1.*)4 )4 %/&(1((1.*)4 -)14 -.",)*%14 &%%)(%&*%14 !./-1*&+1.*)4 -)!14
&",1(%14-14)*14)4()/'1+14)##)%%,&%&41*4#./&4)!)%%/.*1"&4-&4&00!1"&/(14&!14)*%14-)!4)/'1+1.4(&*1%&/1.4
*&+1.*&!)4
4  33 4*434
9
' &
&  &&& &
'(%    
 
*-1"&+1.*14 0)/4 !
&00!1"&+1.*)4 -)!!&4 -1("10!1*&4 -)!!)4 1*".*#)/11!1%4 -14 1*"&/1" 14 0/)((.4 !)4 0,!1" )4
&1*1(%/&+1.*14)40/)((.4!14)*%140/1'&%141*4".*%/.!!.40,!1".41*4"&(.4-14".*-&**&40)/4/)&%14".*%/.4
!&40,!1"&4&1*1(%/&+1.*)454&/%44-!(4*4 34)4&/%441(4-!(4*4 34
8769549325102/4.95-,+,89*49)7/61(7916'1&4%17619'19&4/4((2/29$262/4529169#2/1(7945549$2"(17629'19"1(!4
%17619'19&76)51((79'1916(2/2""1949&4/1&79'219&7#7626(19'25529&7##1""17619'19&76&7/"7929'19$4/4.946&*29
455495!&29'19/2&2'26(19/76!6&14#26(19'255,+,89"(2""49"!9)4((1"2&12946457$*29
69 4/(1&754/2.9 549 325102/49 )7/61"&2.9 (/49 5-45(/7.9 &*14/1#26(19 "!9 /47/(19 (/49 5-4/(9 9 '259 39 2$79
.9699295-4/(9 01"9'259392$79.96992954964(!/49$1!/1'1&49'19(4519'1"7"1
%17619 /2(/74((11( 9 '25529 )4((1"2&129 '19 16&76)2/10151( 9 &76"2$!26(19 49 &76'46649 264529 "7"26"17629
&76'1%1764529'2554926492 94/(9.9'25987'1&29264529451&40151( 9'25549)4((1"2&129'1916&76)2/10151
( 9&76"2$!26(1949&76'466492645294552917(2"19'19/24(79(26(4(79'2&/2(79264529'19&76'46649451&4
%17629 '259 2/17'79 '19 16&76)2/10151( 9 16'11'!4%17629 '259 '12"9 49
!79 451&40151( 9 '25549 '1"&151649 '19
&!194554/(99'259392$79.94$51916&4/1&*19'1/1$26%14519"75(1962554#01(79'2$51926(19'259"2/1
%179"461(4/1796769/1&76'!&101519419/!7519'25549'1/1$26%49"461(4/149451&40151( 9'25549)4((1"2&129'1916
&76)2/10151( 9'19&!194554/(99'259392$79945516&4/1&79'19"2$/2(4/179&7#!6452929/716&14529
-,+,891675(/2.9"7((77629!649"2/129'19
!2"(176194554((26%17629'25952$1"54(7/292"(26"17629'259&4(457
$79 '219 /24(19 /15246(19 419 )1619 '255451&4%17629 '25529 )4((1"2&129 '19 16&76)2/10151( 9 &76"2$!26(19 49 &76
'466492645292"(26"17629'25549)4((1"2&129'1916&76)2/10151( 9'19&!194554/(9.9'259392$79.9
45549&4/1&49'19/2"1'26(29"26%49'252$*29$2"(1764519'2(2/#164%17629'25549'!/4(49'2592/17'79'1916&76
)2/10151( 9 625529 17(2"19 '19 "7549 &76'46649 45549 /2&5!"17629 "26%49 2649 4&&2""7/149 '25516(2/'1%17629 '419
!0051&19 !))1&19 '1))1&75( 9 451&4(129 '25517(2"19 '19 16&76)2/10151( 9 '19 &!19 4554/(9 .9 '259 39 2$79
9 6259 &4"79 '19 &76'46649 459 4$4#26(79 '19 !649 #!5(49 6769 169 "7"(1(!%17629 '19 2649 '2(26(149
2"(26"17629'25549'1"&151649'2552916&76)2/10151( 929'2552916&7#4(10151( 946&*2945529"26(26%29'19&76'46
649'2554987/(29'219&76(192/9'466792/4/14529
9
%')''+&%&'#')'&
'+&   && & &   &
'& #'   
 
/%1".!.4  4 ".&4  4 !)%%4 & 4 !))4 3 4 !,!1.4 3 4 *4 334 54 !1,.%&4 4 .0)/)4 #1*&!1++&%)4 &!4
(,0)/&)*%.4-14&//1)/)4&/" 1%)%%.*1" )4
59'7&!#26(79&*14/1"&29&*29549/2451%%4%17629'1972/29'1/2((4#26(29)16451%%4(29459"!2/4#26(7979455-2
51#164%17629 '25529 04//12/29 4/&*1(2((761&*29 ! 9 0262)1&14/29 '255-451
!7(49 ,9 /1'7((49 '259 9 2/9 &26(79
6!#2/79  (2/9 '25549 4025549 ,.9 4/(29 .9 4552$4(49 459 39 9 "7579 625549 #1"!/49 169 &!19 529
"(2""2972/29/1"76'4679455292&!514/1( 9(2&61&*2916'1&4(29'459399
9
'$#&%&*!%'%"+&
+ & &&&
&&  &
'& #'    
 
/%1".!.4 4".&45()0%1)(4-)!4-)"/)%.4!))441,*.43 4*4454)%/&+1.*)4(0)%%&*%)4&!14
&",1/)*%14-)!!)4,*1%41.1!1&/14')*-,%)4-&410/)()4-14".(%/,+1.*)4.4/1(%/,%%,/&+1.*)41.1!1&/)4
" )4&1&*.4/)&!1++&%.41*%)/')*%14/)!&%1'14&!!
&-.+1.*)4-141(,/)4&*%1(1(1" )4

100
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 101

BLT 2.2020 – INDICI NORMATIVA

76543210/.-35,/2+5+621.*5*0)3,-+.-*5),*.2*)*5*.50/,*-35+66(+'/&36+%*3./54*$)3$-+54+66(+,-#5"!54/65 ##5
!"52300+5"$/)-*/$523.2/,./.-/56(+21*$-354*,/--+0/.-/54+66*0),/$+54*51.*-5*003*6*+,*53'
'/--354*54/036*%*3./5/5,*23$-,1%*3./523.50*'6*3,+0/.-354/66+526+$$**2+%*3./5$*$0*2+#5
7.5)+,-*236+,/5"56+54*$)3$*%*3./5$*5+))6*2+5+.2/5./66(*)3-/$*5*.521*56+54/036*%*3./5/5,*23$-,1%*3./5
4/66(/4**2*35+*+54/-/,0*.+-351.5+10/.-35&3610/-,*235,*$)/--35+51/6635),//$*$-/.-/5$/0),/256/5
.3,0+-*&/51,+.*$-*2/5*.5&*'3,/5)/,0/--+.35-+6/5&+,*+%*3./ 55 5)3$$**6/5/./*2*+,/54/66+54/-,+
%*3./5+.2/523.5,*/,*0/.-35+45/&/.-1+6*5*0)3,-*5&/,$+-*5*.5+223.-35+523.4*%*3./5-1--+&*+52/5*65),/
6*0*.+,/54*5&/.4*-+54/66(*003*6/5$*+5,/'*$-,+-35/.-,356+54+-+54*5),/$/.-+%*3./54/66+54*2*+,+%*3./54/*5
,/44*-*5 ./66+5 1+6/5 $*5 *.-/.4/5 ,1*,/5 4/66+5 4/-,+%*3./5 2/5 $*5 ,/+6*%%*5 +.2/5 *65 ),/$1))3$-35 23$-*-1*-35
4/66(16-*0+%*3./54/*56+&3,*5,*'1+,4+.-*56(*.-/,35+,*2+-3 55.3.5 5./2/$$+,*35+*5*.*54/66+54/-,+%*3./5
*.5)+,36+56(//--1+%*3./54+5)+,-/54/66(+21*,/.-/54*51.5)+'+0/.-3523.53.**235+.2+,*3535)3$-+6/ 5
56+52/$$*3./54/652,/4*-35)1
5/$$/,/5//--1+-+5./*523.,3.-*54/66(*0),/$+523$-,1--,*2/53&&/,354*5+6-,*5
$3''/--*5),*&+-*51/$-*516-*0*54+5*.-/.4/,$*5230/5$3''/--*54*&/,$*54+*53,.*-3,*50+52301.1/52366/'+-*5
+65,+))3,-352/5+54+-353,*'*./5+66+54/-,+%*3./5 +45/$/0)*35./652+$35*.521*5*56+&3,*5&/.'+.35//--1+
-*54+5$3''/--*5$32*/-+,*5+))+,-/./.-*5+451.5',1))35./*523.,3.-*54/66/5+6-,/5$32*/-54/65',1))3#5
5
%$#"! #  !##$$!$  $#$ #$#"$
! )$! $'(###+ + '(!  $!       
 
*7.),:(402.:;:'70//:&273,:6/5:%,:$%,..7#7$,1740/:3/%:57.$"74:.7.)7$4:3/%%/:$4.+5217407:040$"!:%/:
)43,%7+: 6/5: %,++/.+,1740/: 3,: 6,5+/: 37: 654#/..7407.+7: ,7%7+,+7: 3/%%/##7$,$7,: 3/&%7: 70+/5-/0+7:
/##/++2,+7:437#7$"/:,%:::3/%::
765 /2,/-35034**2+5*65 #5*.#57.,+$-,1--1,/5/5,+$)#5"5.#55,/2+.-/56/56*.//5'1*4+5)/,56+5
26+$$**2+%*3./54*5,*$2*35$*$0*2354/66/523$-,1%*3.*5.3.254/66/5034+6*-5)/,56(+--/$-+%*3./54/66(/*
2+2*+54/'6*5*.-/,&/.-*5//--1+-*#57.5)+,-*236+,/5&*/./5034**2+-356(+,-#554/65 #5*.#57.,+$-,1--1,/5/5
,+$)#5"5.#55,/6+-*&35+66/5034+6*-54*5+--/$-+%*3./5/5$3$-*-1*-*5'6*566/'+-*55 *.//5'1*4+5
)/,56+526+$$**2+%*3./54/65,*$2*35$*$0*2354/66/523$-,1%*3.*5/55 $$/&/,+%*3./#5
5
 
 
" !
+,)! !!!       
 
5454&,:3/%%4:.+,+4:37:/)/5&/01,:70:$40./&2/01,:3/%%/-/0+4:.7.)7$4:$"/:",:$4%67+4:7%:+/557+4574:
3/7: 4)207: 37: $7: (40,$$45.7: 37: $7: ,+/0,: 37: $7: *,0+ 0+4074: 37: $75/,%/: 37: 7%4: 37: *,0+,:
/0/570,:37: 5/$,.+,&07:37: 7,&5,03/:/:37:
,##/5,0,: +0/,:70:54-70$7,:37:,+,07,:7%:&74504::
37$/)5/::
:9:0::
5
"  
! !!!  $! 
     

7.64.717407: 25&/0+7: 37: 654+/1740/: $7-7%/: 70: $40./&2/01,: 3/%%/-/0+4: .7.)7$4: $"/: ",: $4%67+4: 7%:
&74504::37$/)5/::7%:+/557+4574:3/7:4)207:37:(,5/5704:37:2&/%%4:37:(45&4:*,0:'45/014:37:
7$4),04:37:75/0124%,:37:,55,37:37:,%,1124%4:.2%:*/074:37:*$,56/57,:/:*,0:7/54:37: ,&%7,:
/:37: /$$"74:57$,3/0+7:0/%%,:7++:)/+5464%7+,0,:37:75/01/:5370,01,:0::
:9:0::
(,4*.+.%+5+43--+54*$)3$*%*3.*5,/6+-*&/5+66+5.30*.+54/652300*$$+,*354/6/'+-35+65)*+.354/'6*5*.-/,
&/.-*5+6523.-,*1-35)/,5+1-3.30+5$*$-/0+%*3./5+'6*5*.-/,&/.-*54*5),3.-35,*),*$-*.35$165)+-,*03.*35/4*
6*%*35 ),*&+-35 +66/5 ),*0/5 0*$1,/5 /23.30*2/5 /5 ,*23'.*%*3./5 4/*5 +*$3'.*5 16-/,*3,*5 +66/5 4/,3'/5 +5
4*$)3$*%*3.*5.3,0+-*&/5+66+5,+2236-+5/5-,+$)3,-354/650+-/,*+6/54/,*&+.-/54+652,36635)+,%*+6/535-3-+6/5
4/'6*5/4**2*5+66+5,/6+%*3./54/652300*$$+,*354/6/'+-3#55
5
+,)! !!!       

7$"7,5,1740/: 3/%%4: .+,+4: 37: /)/5&/01,: 70: $40./&2/01,: 3/%%/-/0+4: .7.)7$4: $"/: ",: $4%67+4: 7%:
&74504::37$/)5/::7%:+/557+4574:3/7:4)207:37:(,5/5704:37:2&/%%4:37:(45&4:*,0:'45/014:37:
7$4),04:37:75/0124%,:37:,55,37:37:,%,1124%4:.2%:*/074:37:*$,56/57,:/:*,0:7/54:37: ,&%7,:
/:37: /$$"74:57$,3/0+7:0/%%,:7++:)/+5464%7+,0,:37:75/01/:
:9:0::

101
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 102

BLT 2.2020 – INDICI NORMATIVA

)(''(&%$%#"(!$'%# $##
! !!!  $!    
 
&%'+1301363,'+1)+,'36.1$+,'36/36210'+-30,+6#3)3%+6#0,*+$.+,'36($%36+)+,'36*3*"3#36#!+6!(,,06#0%23'063%6
'+113'01306/+%%+64+$30,36 (-306(1#!+6&"13(6+/61.--06(62(1'31+6/(%6$301,0656($0*'066
&66,66

 #  )  #
' !


%!(# )#
! !!!  $!    

4+$0%("+,'06/3601$(,3--(-30,+6/+%63,3*'+1062+1636+,36+6%+6(''3)3'6#.%'.1(%36+62+163%6'.13*"06/+$%36
.3#36 /36 /31+''(6 #0%%(01(-30,+6 /+%6 3,3*'106 +6 /+%%1$(,3*"06 3,/32+,/+,'+6 /36 )(%.'(-30,+6 /+%%(6
2+101"(,#+6
&66,66

' !


%!(#&! $('#
!!  $!    
 
3*20*3-30,36 .1$+,'36 2+16 %3*'3'.-30,+6 /+%6 3,3*'+106 /+%%3*'1.-30,+6 +6 /+%6 3,3*'+106 /+%%.,3)+1*3'6 +6
/+%%(613#+1#(6
&6 6,66

$'$$'(#'( (!
#(#%!  %#(#&! $'#
! !!!    

0/33#!+6 (%6 /+#1+'06 /+%6 1+*3/+,'+6 /+%6 0,*3$%306 /+36 "3,3*'136 
6 0''01+6 6 1+%('3)06
(%% 3*'3'.-30,+6/+%%&3#3062+16%+620%3'3#!+63,6()01+6/+%%+62+1*0,+6#0,6/3*(3%3'6
&66,66

  #
 %#((#$$'(

$'(##%'%#
$#+! %! $#++,,)  $!    

,'+12+%%06 (36 *+,*36 /+%% (1'3#0%06 6 /+%6 /%$*6 ,6 6 +6 *.##+**3)+6 "0/33#(-30,36 3,6 "+13'06
(%%(22%3#(-30,+6/+%%(6*(,-30,+621+)3*'(62+16%(6)30%(-30,+6/+%%(1'66#0""(66+6(1'66#0""(656
/+%6 $*66

 #
%!$!$#$#
!  $!    

0,)+1*30,+6 3,6 %+$$+6 #0,6 "0/33#(-30,36 /+%6 /+#1+'07%+$$+6 6 /3#+"1+6  6 ,6 6 1+#(,'+6
"3*.1+6.1$+,'362+16(**3#.1(1+6%(6#0,'3,.3'6/+%6*+1)3-306*)0%'06/(6%3'(%3(6760#3+'6+1+(6'(%3(,(6
26+6%3'(%3(6 3'%3,+16263,6(""3,3*'1(-30,+6*'1(01/3,(13(6
&66,66
   
 

   

 % $# ( !($"#("%#
! )$! $'(###+ + '(!    

3*#32%3,(6/+36/3*20*3'3)36*+$,(%+'3#36/(6(22011+6*.36)+3#0%36
&656,6 6

102
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 103

BLT 2.2020 – INDICI NORMATIVA

)('&%$#"%!' #()% !
-:9203.19,51703.+97.*7).7,*3&15217.*&3%%9+7,9217.23&,517%7.9.+7.*&5667.*$##:70517.
297. "3::911727. ! 7075:7. +9::9. 987327. 9. +9::9. &3%7209. 5$1323,9. 3. 03,$2$9.
9,52517. 3. &967. 2317. 29:. *9&73+3. 

  /. :1&9. 5::9.
72 3&,547327. $7. &7*3&1519. 7. :9113&7. 1&5,719. 7:. 03+709. 561. 72+. %/. &7$5+&3.
*366323. 5009+9&9. 5+. $2. *7). 5,*73. 9:9203. +7. 23&,9. +7. 7219&9669. 0326$:15&9. 7.
19617.03,*:917.+7.1$119.:9.23&,9.*7).5,*7.03,,9217.9+.5:1&9.&763&69.03::98519/.
2
#$'#()#! '!()$%' !#!()$ )$#!%#)$#"#!()#) !
!)""&1 &1'+,&1,.-+,"#"&1*.1%&)."+1%+'+1+,,&*#"&1*& 1+*.&1#%"1.'*1 1 &% )%.$+1%.%"&#1.*&#"+1*#1&.2
% #(.+'&1!&'.#1-&,1,&-&,.,&1,#-.*#&'"&1.1+'"&')".1%) 1-,+-,.+1%."+1&1 1+*.&1*&$&1&%%&,&1.'%&,."+1'& 1
#-+1-&,1 #1,.&,#1%.")#"+1.'1# "+1#1*&%",#1%)1")""&1 &1-#.'&1*& 1%."+1/:9876:5473291902705/711-&,1#&*&2
,&1.&*.#"#&'"&1# 1+'"&')"+1*.1.'"&,&%%&1
-1 &,1#&*&,&1# #1$&,%.+'&1+' .'&1*.1)&%"#1,),.#1&1+'%) "#,&1+1%#,.#,&1*#1)'#1%+ #1-#.'#1.1"&%".1
)..# .1*.1")""&1 &1'+,&1& &'#"&1)". .((#1. 1#%"1.'*1
'!
-1 &,1#--,++'*.,&1 #1%.'+ #1'+,#1)". .((#1. 1#%"1.'*1,.-+,"#"+1##'"+1# .1&%",&.1-&,1#$&,&1#&%%+1
# 1"&%"+1%&-,&1#.+,'#"+1# &1# ",&1'+,&1+ &#"&1# .1#,".+ .1&*1#--,++'*.&'".1&1 1

.:0$27.032192$17.6323. &$7#7:7.63:3.+58:7.5##32517.5:.6713.3.5.3&,$:9.09.:3.03,*&92+3232
2
%'(!
! 
! !   !
!
/./.#&$443.  .2/.. .
.. .
,+,+#1*.1"&,.'.1-,&$.%".1*#1*.%-+%.(.+'.1 &.% #".$&1&1) "&,.+,.1*.%-+%.(.+'.1),&'".1
 1/1
,)((+1 ,*101'11
102/.--.2.,+*02),2()-'*.2&0/2%$#"!#%"%" 2./2&.++0-/)'20/,.2&.//.2*'*'-.20*'(0+.2',2/02/.--.2
','2/.2.-.,+)2
2 *'*'-0+)2 &)2 +*.2 0,,)2 )2 +.*),)2 &.)2 ')0*)2 .*2 /.2 ',)+2 ',+0,.2 .2 &'(*0,,'2 *.&)
'**.2)/2)0,'2&)2.)',.2,.//02+)+'/0*)+2&./20+*)',)'2.2&.)2*0'*+)2-)*)&))2-)20.,+)2
0'202)0,02',)+2',+0,02'*.02),0/)0+'20//02.))',.2&./2&.*.+'2&)2.+),)',.2
&.//.2 ',)+2 ',+0,.2 .,+*'2 .2 ,',2 '/+*.2 )/2 +.*),.2 &./2 $!#!%#%"%%2 )/2 (.)'2 +.*),.2 .*02
$!#!%#%"! 2
2*'*'-0+)2&)2,20,,'2)2+.*),)2*.()+)2&0// 0*+)'/'2 2&0//021
2%#%"!$ 2'((.*'2/.2&'0,&.2&)2
0,0+'*)02.&)/))02*..,+0+.2.20,'*02.,&.,+)20//02&0+02&./2%$#"!#%"%"2&0+02&)2.,+*0+02),2()-'
*.2&.//02/.--.2','2&.),)+.2&0)2',)2.,+*'2)/2$!#!%#%"%!2)/2(.)'2+.*),.2.*02$!#!%#%"%" 2
',+.+0/.,+.2)2'--.++)2.20,,'2/02&)',) )/)+2&.-/)2)' )/)2.*2)20/)22+0+02*)).+02/02
0,0+'*)02 +*0.++','2 0// ))'2 ',0/.2 '.+.,+.2 .,+*'2 )/2 $!#!%#%"%"2 )/2 (.)'2 +.*),.2
.*02)/2$!#!%#%"!2,02&))0*0)',.2'+)++)(02*.&0++020)2.,)2&./2 
2%#!%#%"""2, 2 2
2*'*'-0+'2)/2+.*),.2&.//.2',.)',)2&.0,)0/)20*)++).2020*0++.*.2+0-)',0/.2'2+.'*0,.'2
.*20++)()+2+*)+).2),'202+++'2)/2%"%"2)/2+.*),.2*..&.,+.2.*02)/2%"! 2
2
 !!

!!
/./.#&$443.   .2/.. .
...
.%-+%.(.+'.1 .'#'(.#,.&1 -&,1 #1 ,&*#(.+'&1 *& 1 . #'.+1 *.1 -,&$.%.+'&1 .'#'(.#,.+1 21 *& #1
/&.+'&1
,)((+1 &&1*.1%"#. ."1,&.+'# &1 1
 1/1
,)((+1-&1001'101
102/.--.2.,+*02),2()-'*.2&0/2"!#"!#%"%"2.20*'(02),20*+)'/0*.2
2/02'&))02&.// 0*+)'/'2!2&.//021
!"#%"!!2),20+.*)02&)2*..*'20)2),)2*.)&.,)0/)2&.)2'++'
+.++)2.)+.,+) 2
2/02*'*'-02&)2/+.*)'*)2+*.20,,)2),'20/2$!#!%#%"%%2&./2+.*),.2.*2/02*..,+0)',.2&.//.2)+0,
.2*.()+.2&0/2)0,'2002&)2)20//021
2!#%""2,+.*(.,+'2*.-)',0/.202'+.-,'2&./2.++'*.2
.&)/))' 2

103
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 104

BLT 2.2020 – INDICI NORMATIVA

"! !   ! 


)*')%$$$#"  
 
#+-&-3 ".-)$+%.0-!3 ".(**03 )-.%$0&03 ,((3 /(.(3 ,003 )(%3 1(0-)(3 .+**- 3 0-.)%()$-3
223
313.+**-3/(3222 3)3 3
543210/.1-4,/+*134))-+(430'4&&/+-*4%1*$+3#"#"321/3!-1,,/3 *+-%4$/(/3210013)1-132/0/3 3)-1,,/34)
)-+(4$/3 $-+(4*+3 4))0/4,/+*13 *10011,/+*13 210013 +)1-13 )..0/13 03 $1--/$+-/+3 -1&/+*4013 )1-3 013
*+(13)-+&1$$4,/+*/32434))-+(4-131/(4%1*$13403#"#"#"324$432/3)..0/4,/+*13210043210/.1
-4,/+*13 $$/3 /3 )-1,,/3 2103 )-+*$4-/+3 +*+3 +%)-1*/(/3 21&0/3 /%)+-$/3 )1-3 +&*/3 -/)4-4,/+*13 2/3 24**/3
4--14$/343$1-,/3123/03-/)-/$/*+32100130/*11313+*2$$-13)..0/1313)-/(4$131(1*$40%1*$13/*$1--+$$13
)1-3011,/+*1321/304(+-/3
3

  
"! !""
)*')%$%&'*' %!%"  
 
//.-&%*0-)(3,(%3 %.0%3)00%$%3,03.0(.0()$-3,(03/.(**03/(.3
('(+*0-)(3,03/(.(3"+0 (3
,(%31(0-)(3%'00%$% 343,0*0-)(3223
313%'00%$%3/(0%(322 3)323
03!-1,,4-/+34))-+(4$+343(40/2/$32403""#"#"3403##"#"313)+$-311-13$/0/,,4$+3$-4*/$+-/4
%1*$13/*+3403"" #"#3)1-3/3)-+&1$$/343.4132/3&4-43043/34))-+(4,/+*13/43/*$1-(1*$431*$-+3$4013
24$43 03!-1,,4-/+3#"#"3)-11*$43*/%)+-$4*$13*+(/$3+$$+3/03)-+/0+3*,/+*401313+*$1*$/$/+3+(
(1-+3*3+$ 4-13212/4$+33)/4$$4+-%43 1.3)1-3043&1$/+*1313043+*0$4,/+*132100+3$1+3+*3
*/*$1-4/43 $1*$13 +$$/%/,,4$43 13 1%)0//4$43 -4,/13 403 *+(+3 +$ 4-13 /%)01%1*$4$+3 +*+3 $4$13
-1132/)+*/./0/30134*40//321/3)-1,,/3
43+$$+0/*14-13*43*+(/$32/3-/0/1(+3-/)1$$+34001312/,/+*/3)-11
21*$/313/+ 3043)+/./0/$32/3+*0$4-1313$4%)4-130134*40//31321$1-%/*4*+3/03)-1,,+3210013/*&+013
(+/3 0/3/*1-/%1*$/3210013*+(13(+/34**+3-/&4-24$+3/*3)4-$/+04-1304(+-4,/+*/3)-1(/$13243421
&4%1*$/3*+-%4$/(/313243*+(13%+240/$313$1*/13+$-$$/(13
3
!! ! 
%&'*' %!%"  
 
0'/-'0*0-)030)3%$(.0%3'%)0$%.0%3
313%'00%$%3/(0%(3222 3)33
*3)4-$/+04-1304301&&13)+$432403""#"#"3403""#"#"3/03$1-%/*13)1-30421&4%1*$+34/3-1//$/3
%/*/%/3 $-$$-40/3 $1*+0+&//3 123 +-&4*/,,4$/(/3 210013 $-$$-13 +/+4*/$4-/13 +)1-4*$/3 03 $1--/$+-/+3
-1&/+*4013
3
   
%&'*' %!%"  
 
10-.,0)-3 ,(%3 ,0'0/0)%3 ,(
()*0%3 1(0-)%(3 /(.3 %3 ".-$(*0-)(3 ,(
0()$(3 ,(%3 %'00%$%3
1"3
313%'00%$%3/(0%(3222 3)33
3
"  
! 
)*'%%"'%"  
 
+$-.0**%*0-)(3+)0%3,03+03%
%.$323,(3,'33(3''003($(.0)%*0-)03
313%/%)0%3.,3222 3)33
543 210/.1-43 4))-+(43 /3 -1//$/3 *114-/3 403 -/04/+3 21/3 21-1$/3 2/3 4$+-/,,4,/+*13 */43 2/3 /3
4004-$3 #3 2103
3 51&(+3 #""3 3 /*1-1*$13 4&0/3 /%)/4*$/3 )1-3 043 )-+2,/+*13 2/3 ./+&43 )-+(1
*/1*$13243$-4$$4%1*$/3./+0+&//3210043-4,/+*13-&4*/432/3//$/3+0/2/3-.4*/33403/*132/3)-+
%+(1-13 +*2/,/+*/3 )/3 4(+-1(+0/3 )1-3 043 -140/,,4,/+*13 2/3 *+(/3 /%)/4*$/3 4)4/3 2/3 )-+2--13
1*1-&/43243+*$13-/**+(4./013+*3+*11*,/40/311$$/(/3)+/$/(/3/*3$1-%/*/32/3-/2,/+*132/31%/
/+*/30/%40$1-4*$/3
3

104
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 105

BLT 2.2020 – INDICI NORMATIVA

-,+*)(',&%$#%"&'"'$"%+#'!'")(',&%$%&%+ %#'")$
"! **+"!"!((%*(!!%"!!!! !   !
90706,5685; 90+851-*0; 408; )8,5*8; 0; 40**0; (3-*8'8&-28518; %65'0//851-*8; <; $548'8&#0; 0; "1,0+6-28518; <;
!7765.-28510; 1 ; ; &#040; 40/&68,,8.0; 40**5; ,-14-64; 56-,8.5; <; !++8561-01,5; *8+-,5685; <;
706; *-; -,,8.8,; 48; 81/,-**-28510; 0; -13,0128510; /,6-56481-68-; 48; 878-1,8; 0106+0,8&8; -*801,-,8; 4-;
'51,8; 68115.-8*8; 9; <; -8; /01/8; 40*;  ; +/ ; ; 0; /  8 ; 0; !&&5645; 81; 51'06012-; 40**0;
90+8518;0;40**0;%65.81&0;!3,5150;40*;   ;
;9 ;-7-18-;64 ;
;1 ; ;
;:987655432140/69876.4349-39,0+,:/47267497452*2604934):29(/-03-739'671-/252972*84//69-::4987452*26029
34:9&%9&272)%9$#"!$"$ !90%9!# 91432-0/497-))7,88-140/69209,09,02.69(/-03-739'671-/256934::49
/7491-.76/286:6)2492182-0/2*/2.49/4716237-,:2.49261-**498479,*294047)4/2.2961849329.-:67498479
72*.-:3-140/69 7472)47-26049 49 8763,26049 329 (9 (2*/4129 *6:-729 /4712.29 49 :-9 .60471-9 329 ,069
(/-03-739 '671-/2569 -9 *9 */-0/49 8479 :-9 74*23,-9 1-.76/286:6)2-9 2182-0/2*/2.-9 (2*/4129 6/656:/-2.29 49
6/6/47164:4//72.2%9
9
&#+')$$
,-*
"! ""!((%*(!!%"!!!! !   !
%60/-; 4-,,5; 40*; 7-6060; 75/8,8.5; 68*-/&8-,5; 4-**-; """; 58//8510; 51/8*8-60; /3**-; 0*806-; 48;
831,-; 90+851-*0; 1 ; ; 40*;  ; 60&-1,0;  9 ;  ; !4528510; 40**0; 8100; 384-; 0;
%8-15;48;$8/360;90+851-*8;706;"143/,68-;  ;
;9 ;-7-18-;64 ;
;1 ; ;
9
')&,$% ',&)%$'$,&'!'")$$
,-*
"! ""!((%*(!!%"!!!! !   !
%8-15; 90+851-*0; 48; 518'8&-; 40**-; 90+8510; -7-18-; %9  ; !7765.-28510; -++8561-01,5;
-1&#0; 4-,8; 0; 560; )0&18&#0; 48; !,,3-28510
; -8; /01/8; 40**-;  9 ; 1 ;  ; 0; 40**-; 9; 1 ;
 ;
;9 ;-7-18-;64 ;:
;1 ;:;
;09-//,-2604934::-9&4:2%9%%90%9! "$ ! 9:-934:247-9-88765- 9

9:+-))2670-140/6934::49-0.493-/29-::4)-/49-:92-0694)260-:493296022.-9
99

9:-9547*26049$ $ 934::49 671494.02.49329//,-26049-::4)-/69! 9-:9%949 932*.28:20-069
29.72/4729:49876.43,7496847-/2549439-11202*/7-/25492091-/472-9329*2/29.60/-120-/296986/402-:140/49
.60/-120-/29:+2/479876.43,7-:493-9-//,-749-9*4),2/693294540/2986/402-:140/49209)7-369329.60/-12

0-749,09*2/6969-9*4),2/6932972*.60/769329.60/-120-26029*/672.49.60972*.269329-))7-5-140/6934::-9
.60/-120-26049:49163-:2/98479:+-))2670-140/6934:99:49.6184/404949:49,0260293429*6)

)4//298,:2.29498725-/298479:+-//,-2604934:92-069209.606712/9-:9&%94)%569!$"$ 9-7/49;9
2/6:699-::-9%%9!"$ ! 949-:9&%920%91240/4949,/4:-9477%949-749!!" !"$ !#949-:9&%920%9
1240/4949,/4:-9477%949-749 " "$ !%9
9
$ $
,##,
+,,##'$
,$,"!,)"!"!*-*(!&(+%(!!%"!!!! !  !
!7765.-28510;40**-;&#04-;,0&18&-;408;/5,,576545,,8;401581-,8;408028518;-.8&5*0 ;
;9 ;8*8-;95-+1-;% ;"";
;1 ;;
9
,$,"!,)"!"!*-*(!&(+%(!!%"!!!! !  !
!7765.-28510; 40**-; /&#04-; ,0&18&-; 408; /5,,576545,,8; 401581-,8; 90/8438; 0; /'6848; 48; -,0680;
7*-/,8&#0 ;
;9 ;8*8-;95-+1-;% ;"";
;1 ;;
9
- $ $  $
,% )#,$*)&,+)$')&"',$%$% %$'$#)''#$$
"!"!*-*!,%,'*(! *-*(!!%"!!!! !  !
0++0;&5**0+-,-;-**-;-15.6-;48;8*-1&85;< ;

105
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 106

BLT 2.2020 – INDICI NORMATIVA

.,.)+&+.#$#%+ .+&+ .&**.)'..$..


543210/.-3,+*3)(')&'%)%)$3*+3*-00-3#/**-0+"+3+**+3!+4/2.+3,13 1*+4#1/3%)%)3#/4"1-4-34/.!-3.-*+"12-3+3
3-.21131"1"1/4+*1$30-4-.+*13-3,130-"1/4-3-3+*".-34/.!-314"-.-""/.1+*13-3#/4"+ 1*13
3+""121"3./,""12-3
3.1/.-3+0./+*1!-4"+.1$3/.-"+*13-31""1#-3
3,1-+3,-**+! 1-4"-$3-4-.01+3-321*/3/"-41 1*-3
3+-""/3,-*3"-..1"/.1/$3-,1*11+$3".+/."13-3,1.1""/3+**+3!/ 1*1"3
3 -413-3+""121"3#*".+*1$3/."3-3"-!/3*1 -./3
3*+2/./$3/.!+1/4-$31".1/4-$3/*1"1#-301/2+41*13-3+!10*1+3
3+*"-3-3/*1"1#-3/#1+*13
3+"/4/!1-3*/#+*13-3#//.,14+!-4"/3,-**+314+4+3*/#+*-$31#.-+3
341/4-3 *1#+3
3+".1!/41/$3,-!+41/$3++.130-4-.+*13-31"-!1314/.!+"1213
3
%(%' '"%#%(%#   
  
##.'+." ++ ..
.,.)+&+.#$#%+ .+&+ .&**.)'..$..
543210/.-3,+*3)(')&'%)%)$3*+3*-00-3+3--""/3,+*3)&')&'%)%)33
3


 
   
'(%'#"%(%' '"%#%(%#  
 

,#. . ). . ( . -. /. #)+()#. ('++ .  . '#())#$% . '#. *#)+('(. '+. '+!+#(. '+.
'+")+ &%+($#. '#+. # +. #.  #)+ +. ""++ +. '#+. +& +. #. ""++ +. '##. &#. )#&#. '#+.
($++. %( +.#.'#+. #$' $+.() $++.$##.%($#.!&$#) ++.' .$+) +.
.,.)+&+.#$#%+ .+&+ .)'..$..
+3,-*1 -.+1/4-33--#"12+3,+*3)(')&'%)%)3
3
      
'(%'#"%(%' '"%#%(%#  
 
,.-. )..( ..##) .$.#. )..( .-.##) . ./.+$##.&+' .+$ +%% #.  .
+)() ( .'+. + $(.' .* )#.'#+.(&$+.#.'#+.*)(*)+# )+.'+.+!+#. + %+($#.
.,.)+&+.#$#%+ .+&+ .)'..$..
5*3./22-,1!-4"/$3.-,+""/3+13-413,-**+."1#/*/3&)$3#/!!+33,-**+33%)'&)'%)&$343(3 *-""3+ $3
#/"1"1#-3 1*3 ,/#!-4"/3 ,13 .1-.1!-4"/3 -.3 */.0+41+1/4-3 ,-**+3 !1#./.+##/*"+3 #/!4+*-3 -3
*+"/.1!/1/4-3 ,13 !+4+""13 #/4"-4-4"13 +!1+4"/3 ,13 1##/*-3 -4"1"3 ,+3 +."-3 ,-13 .12+"13 #1""+,1413 +3
./#-,.+313+*1#+3-#*12+!-4"-3+**+3.1!/1/4-3,13!+"-.1+*13#/4"-4-4"13+!1+4"/3
3143!+".1
#-3#/!+""+3,+3+."-3,13#1""+,1413./.1-"+.13,-**1!!/ 1*-3/3,-*3 -4-$3-#*,-4,/3-**13,13/.1014-3
14,".1+*-3-'/3+."101+4+*-3-.313+*13*+3.1!/1/4-33+22-41.-3/*/3,+3+."-3,13,1""-3-#1+*1+"-3
-.3 /"-.3 --01.-3 *+"/.1!/1/4-3 ,13 #-!-4"/+!1+4"/3 143 /-.+$3 *+!1+4"/3 ,-2-3 2-.+.-3 143 /4-3
#/4,11/413,13!+4"-41/4-3-3"./2+.134-**-3+."13-"-.4-3,13#121*13+ 1"+1/413-3.-*+"12-3-."14-4-3/3143
#/-.".-3,13#-!-4"/+!1+4"/3.12-3,13#+4+*13,130./4,+3
3
'(%'#"%(%' '"%#%(%#  
 
+$##.&+' .*#). ."#$  %+($#.) + ++ .#.#('(.'+.! & %+($#.'#(." (.'+.($"#)! %+($#.
#.*#)+(("+ .'+. $& +.($#$#$+. + $(.
.,.)+&+.#$#%+ .+&+ .)'..$..
5*3./22-,1!-4"/$3.-,+""/3+13-413,-**+."1#/*/3&)$3#/!!+33,-**+33%)'&)'%)&$343(3 *-""3 $3
,-141#-3-.313#1""+,141$3*-31!.--$3*-3 1-4,-3,-*3-.211/3+41"+.1/3.-01/4+*-3-,3+*".13-4"131"1"1/
4+*1$3*-3./#-,.-3-.3*+3-04+*+1/4-3-3*+3".+##1+ 1*1"3,13!+4+""13#/4"-4-4"13+!1+4"/$34/4#314,1
21,+313!-"/,13,132+*"+1/4-3,-**/3"+"/3,13#/4-.2+1/4-3,-13!-,-1!13+3.--4+3,1343!+4+""/3
143+!1+4"/3143/-.+34/43#/"1"1#-3,13-.3343.1#1/3-.3*+3+*"-343,-2-3--.-3/ *10+"/.1+!-4
"-3.1!//35*3.1#1/3,-.12+4"-3,+**+3.--4+3,1343!+4+""/3143+!1+4"/3,1-4,-3,+*3/30.+,/3,13
,+44-001+!-4"/3 -,3 3 *-0+"/3+*3#/4"-"/3143#1313"./2+3 3"+*314-$31*3.--4"-3,/#!-4"/314,121,+3
+*".-31*3!-"/,/3,13#+*#/*/3,13.1-.1!-4"/3-.3*+32+*"+1/4-3,-**/3"+"/3,13,-0.+,/3,13"+*13"."".-3-3
#/4-4"-3,13,-#1,-.-3-334-#-+.1/3./#-,-.-3+**1!!-,1+"+3.1!/1/4-$3+*3#/4"./**/3-.1/,1#/3/3+**+3
!-+31431#.-+3,-*3!+4+""/3
3

106
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 107

BLT 2.2020 – INDICI NORMATIVA

$#"! "#" !


)&'*')")$'%'*'%")& 
 

:1,6+.*12-6< )62)17212-1< 9< )79-179< 1< +1< *65.+9-(< -1)29)&1< 59< 710-9-439621< 51++1< .)%41< 5179/.2-9< 5.<
0625.,,9< 1< 5.< 817$67.39629#< 1$$1--4.-9< 21++"1017)9396< 519< 817*1009< 59< 79)17).#< 51++1< )62)1009629< 59<
)6+-9/.39621<1<51++1<)62)1009629<59<5179/.39621<59<.)%41<06--177.211<817<0)689<,16-17*9)9<6<59<0).*!96<
-17*9)6<1<817<.--9/9-(<-17*.+9<59<.--4.39621<51++ .7-9)6+6<#<)6**.<#<+1--17.<9<51++.<+1,,1<71,962.+1<<
.879+1<;#<2<<90)98+92.<67,.29).<92<*.-179.<59<59$10.<51+<046+6<1<4-9+933.39621<51++1<.)%41<
<:<794+9<12139.<94+9.<75<#<2<<
43210/.0-,2+*210)('(-,2(2/.(-0.(202302&,1*3(-%2-0/'(/+021(2.0#-(-"!(,'02103302*/ "0210.(*'-(21*2#,'1*(2
021*20.),.*!(,'(2','/+23*2.0#-(-"!(,'02103302*/ "02','2"-(3(!!*-020.2#/,(20,-0.&(/(2,21(2#/*&(,2
-0.&(/,202103302*/ "02-0.&*3(2432.,01(&0'-,2/,'-(0'021"02*330*-(2
2030'/,210(2*.*&0-.(2/+(&(/,)(#(/(2103302*/ "021*2.0#-(-"(.02*32)('021(2','2/,&.,&0--0.023(2
"#(2103302.(#,.#02(1.(/+02021(2','2/*"#*.021*''(2*33*2#*3"-0202*33*&(0'-02330*-,22
21,&*'1*21(2*"-,.(!!*!(,'02*33*2.0#-(-"!(,'02103302*/ "02330*-,2242-(-,3*.(210(20.&0##(21(2
.(/0./*2103302/,'/0##(,'(21(2/,3-(*!(,'02,21(210.(*!(,'021(2*/ "02#,--0..*'0020.2#/,(20,-0.
&(/(2,21(2#/*&(,2-0.&(/,2020.2*--((-%2-0.&*3(21,.*'',2.0#0'-*.02('2&,1*3(-%2-030&*-(/*23*2
1,&*'1*2 *33*2 #-."--".*2 .0(,'*302 /,&0-0'-02 0.2 1(&,#-.*.02 1(2 *0.02 *10"*-,2 302 &,1*3(-%2 1(2
.0#-(-"!(,'02*33021(#,#(!(,'(21032.0,3*&0'-,2
2
!# 
)*')%$'*')")$'%'*'%" 
 

:<#<.7-<<8876/.39621<51+<87133.796<71,962.+1<519<+./679<84!!+9)9<=< 5939621<<
<:<794+9<12139.<94+9.< 488+<75<#<2< <
42.0!!(210(23*,.(202103302,0.02/,&("-02103301(!(,'02 2/,&020.*3-.,2(%20.230201(!(,'(2 2

2 2 202 2#,',2(32.(#"3-*-,21033*(,.'*&0'-,210(2.0!!(2103302#(',302,/(2030&0'-*.(2
/+023(2/,&,',',203301(!(,'02 2*32)('021(20.#0"(.02"'2/,#-*'-02*33('0*&0'-,210321,/"&0'-,2
*330,3"!(,'02-0/'(/*202',.&*-(*2('2*--,2'032#0--,.02#(22.,01"-,2*33*(,.'*&0'-,210330210#/.(
!(,'(2-0/'(/+0202103302/*.*--0.(#-(/+02-(,3,(/+0210(2.,1,--(2023*,.*!(,'(2*))0.0'-(2('2*.-(/,3*.02*3302
/*-0,.(02103(2(&(*'-(2030--.(/(202103302,0.02(1.*"3(/+02021(21()0#*21032#",3,201(!(,'022('-0.*-*2
*3-.0#21*33('1(/*!(,'021033*20./0'-"*3021('/(10'!*21032/,#-,21033*2&*',1,0.*2#"(2#(',3(2&*(#-0.(22
2
!
  #! 
''*')")$'%'*'%" 
 

8876/.39621< 5971--9/1< -1)29)&1< 817< +.< 89.29$9).39621< 1< 71.+933.39621< 51++.< /9.!9+9-(< $6710-.+1<
1,,1<71,962.+1<
#<.7-< ;<:1,< <59)1*!71<#<2<
710<
<:<794+9<12139.<94+9.<75< #<2<<
43210/.0-,2*.,*23021(.0--(02-0/'(/+020.23*2(*'()(/*!(,'0202.0*3(!!*!(,'021033*2(*(3(-%2),.0#-*302
/,&.0#(2(2*.*&0-.(21(&0'#(,'*3(2
2

" !"! # !!
)*')%$%$'#" 
 

76,7.**9< 59< 59+939.< :10951239.+1< ,1/6+.-.< =< 2-1,7.39629< .++.< :< 2<  < )62)17212-1<
971--9/1< 1< 925979339< 817< +".--4.39621< 519< 876,7.**9< 5"159+939.< 710951239.+1< $7412-9< 519< )62-79!4-9<
71,962.+9<1<519<)62-79!4-9<*9290-179.+9<59<)49<.+<1)71-6<9290-176<51++1<2$7.0-74--471<519<7.0867-9<
<
59)1*!71< < 2< ; < 5126*92.-6< < .!9-.39629< 92< .$$9--6< 5.< .--4.709< 5.< )66817.-9/1<
159+9391#<9*87101<59<)60-7439629<1<71+.-9/9<)6206739#<5.<6*429<1< :<1<.++.<:<2<
;#<
)62)17212-1< 97139621< 1< 925979339< 817< +".--4.39621< 519< 876,7.**9< 59< 159+939.< 710951239.+1< $7412-9<
519< )62-79!4-9< 71,962.+9< 5.< .--4.709< 5.< 66817.-9/1< 159+9391#< *87101< 59< )60-7439629< 1< 71+.-9/9<
6206739<659$9).<:<2<

<
<:<.396<<=< #<2< <
2
"!!#
!!
)!)'%$'#" 
 

8876/.39621< 9211< 495.< 817< +.< 715.39621< 51++1< 51+9!17.39629< 1< 817< +1< 1+.!67.39629<

107
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 108

BLT 2.2020 – INDICI NORMATIVA

')2(1&2)%4'$,7)47%4-470,##")33#4').41-,70,##)7#,&&,72,&41-)#,7! 7#/&#417!7-774+31+4.41-473,27#)7
24&,-,2).41-,7/2)-)7,73,274#72,'/3,217,04#4.417
757).417/33#7!!7-77
876 5432210/.1-,36 5410/+53-16 716 7/-116 *)/0(6 3514(,/216 '/-(7/&&(,16 (6 '34-/41%6 (6 $1-1'/#/36 01/6 "3.)-/%6
/-0/#(&/3-/6#!/(416106)-/'34./6(''/-#! 67(6410(&/3-16017716017/$14(&/3-/616716417(,/21617($34(&/3-/6#(4
,3*4('/#!16(221-*(6/-6.3036#3-'34.16(6)(-,365412/+,360(77(66%6-66/+53+/&/3-/65146
7(64/*1-14(&/3-16)4$(-(6165146/7641#)5143610/7/&/36
8-65(4,/#37(41%67(601,14./-(&/3-16(55432(6/-6417(&/3-16(7716017/$14(&/3-/6#3.)-(7/6
6 716 7/-116 *)/0(6 5146 7(6 410(&/3-16 716 #(4(,,14/+,/#!1%6 /6 #3-,1-),/6 -1#1++(4/%6 -3-6 -1#1++(4/6 16 -3-6
(..1++/6
6 716 /-0/#(&/3-/6 543#10)4(7/6 417(,/216 (76 543#10/.1-,36 0/6 (55432(&/3-16 (03&/3-1%6 5)$$7/#(&/3-16
'/-36(77(6,4(+./++/3-16#3-6/6417(,/2/6,1.5/6
67167/-116*)/0(65146*7/617($34(,/6),/7/,%6-1#1++/,%6/-0/2/0)(&/3-16017716534&/3-/60/6,144/,34/36)4
$(-/&&(,16+#(7(616$(+16#(4,3*4('/#(6#3+,4)&/3-1601*7/617($34(,/6
6

('")$$#&"!  

 
4+'43#4-)70,#7+4+(,)7047'1-()4#4(7,'1-14'183)(241-4)#,7,70,47'24(,2473,27#)7&,+(41-,7#"/(4#4..17
#")'/4+(17#")#4,-).41-,7,7#)7*)#124..).41-,70,#73)(241-4170,##,7 .4,-0,7 /#4'$,7047,2*4.47)##)7
,2+1-)7 
7
757).417 7 8 7!6!7-77
6
 
('")$$#&"!  



104%4'$,7)#72,&1#),-(172,&41-)#,7! 7)324#,77-77 5,&1#),-(17047)((/).41-,70,##")2(4'1#17
67 0,##)7 #,&&,7 2,&41-)#,7  7 1((12,7 7 -7 7 12,7 4-7 )(,24)7 047 &,+(41-,7 0,##,7 24+12+,7
%12,+()#4
7
757).417 7 8 7!7-77
6
 
 
()&($#$#&" !   


,&&,7704',2,7!7-7!787,&&,75,&41-)#,77#/&#417! 7-774+'43#4-)72,&41-)#,70,##)7
&,+(41-,70,4724%4/(4787 3321*).41-,70,##,74-,,7&/40)72,&41-)#473,27#")33#4').41-,70,##)7()24%%).41-,7
3/-(/)#,70)73)2(,70,471/-47
757).417 7 8 7!7-77
16/-116*)/0(%6+)77(6$(+1601766 /-6 .$/1-,1616
),17(6
144616 (416 %6/-,1-03-36#3-
+1-,/416)-)-/'34.16(557/#(&/3-16+)76,144/,34/3641*/3-(716(/6"3.)-/651467(61.(-(&/3-160/641*37(.1-,/6
51467(6,(4/''(&/3-165)-,)(716
6
 
 
 &&'&'&$ !
  

 
3321*).41-,7-/1*1710,##17047'#)++4%4').41-,70,##,7+(2/((/2,724',((4*,7)#,2&$4,2,732,04+31+(17)47
+,-+470,##,74+31+4.41-47)((/)(4*,7)3321*)(,7'1-7027-7!6 70,#7704',2,7!7 8 
7
7574&/24)7 7 7!!7-77
87601#41,36(55432(6/76.30177360/6#7(++/'/#(&/3-16017716+,4),,)4164/#1,,/2160/6,/536(7$14*361673#(-0(6(/6
+1-+/6 0/6 )(-,36 0/+53+,36 0(7716 /+53+/&/3-/6 (,,)(,/216 0177(6 0/+#/57/-(6 017716 +,4),,)416 4/#1,,/216 (7$14
*!/14160/6#)/6(77(66 6(55432(,16#3-67(617/$66%6-668765432210/.1-,36
+3+,/,)/+#16/76.3017736(55432(,36#3-66/4/*6 %6-665)$$7/#(,36-17736+,1++366#!16
#3-,1-12(6)-61443416(765)-,3660177 771*(,36
6
()&($#&'&$  !  


4+31+4.41-47)((/)(4*,70,##)704+'43#4-)70,##,7+(2/((/2,724',((4*,7)#,2&$4,2,7047'/47)##)7#,&&,72,&41-)#,7
!7-1*,2,7!7-77 ,+(17/-4'174-7)(,24)7047+(2/((/2,7(/24+(4'178724',((4*,7,7-12,74-7)(,24)7
047432,+,7(/24+(4'$,
7

108
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 109

BLT 2.2020 – INDICI NORMATIVA

%$#$53$5"2!-02'5 $555+$55
87654321407/2.-4652,+2*32-763467))2(2)'6526%4,)2.-4646+37,,2$2+7/2.-46543346,)0#))#04602+4))2(4673140%"24!
04 6526+#267362).3.6 67*.6654337686 6-66.-.6,)0#))#04602+4))2(4673140%"24046%326
73140%"2634604,254-/46)#02,)2+.!73140%"240463463.+7-546%32673140%"2652$$#,2626+.-5".)436
6
%$#""!$ #$#  
!-.+ -)(#"##"+,+)""&#"""" ! "  

"
110/(',2/+*5.*/5)*'5.25 0*,,'02/53*!2/+'*5.**51*0*5.2255'0&$55/'545$5
"!)$55*5)$$5*52$5'0&$5 5/'55*&&*0'5* 5$0$54 $5
%$#$53$5"2!-02'5 $55 5+$55
87654321407/2.-46"767**0.(7).623604//702.604%2.-7346543346.*40464523267%%2.0-7).6*40637--.66
26,4-,26543370)2+.3.6 6+.76 65436 684%(.6-6 
623604//702.6+4,,765267(4046(73252)'6236
646*# 64,,4046)07-,2).0274-)46#)232//7).6$2-.6736
6*40626*0.%4))26376+#267**0.(7!
/2.-46,2762-)40(4-#)764-)0.6)734657)766+.-)4-#)26543604//702.66,.-.6,)7)262-)4%07)26+.-6236-#.(.6
+7*2).3.6 0437)2(.6 726 *04//26 526 73+#-26 *0.5.))26 6 02)4026 124-)7326 2-226 726 ,4-,26 5436 4+04).6
 6-.3)04 66,)7).6+.*34)74-)4602(2,).62367*664+#*40.646+.-,40(7/2.-46526+.-+40).6
+.-626)4+-2+26543376.*02-)4-54-/76.-.6,)7)4 62-.3)04 67**.0)7)46)#))463462-)4%07/2.-2646346.52$2+"46
,)71232)46-436+.0,.6543662-6,4-.673346(70246.2,,2.-2646,.-.6,)7)267%%2.0-7)2626*04//264344-)7026
54267)4027326465433767-.5.*40760437)2(76736,4)).0462*27-)2,)2+.66
6
%$$! # !  #$#$!#  %    
!-.+ -)(#"##"+,+)""&#" """ ! "  
"
110/(',2/+*5 .**5 "2+**5
-2.'5 10/*.-0'25 1*05 '5 /0',2/+*5 .*25 0/!0'25 3*!2/+'25 .25
+&*0(*+&/5 &0'&*!2/5  $3$$$ 5 2+5 '112',2/+*5 .*'5 $0$5 +$5  45 *5 )$$5 *5 2$5 2+'2,,'&25 '.5
'!*(/'0*5'50*'2,,',2/+*5.25!0'+.25/1*0*5)&0'&*!2*$5
%$#$53$5"2!-02'5 $55 5+$55
26 6 ,*4))76 2-52(25#7046 346 ,.3#/2.-26 -4+4,,70246 76 %707-)2046 376 ,.,)4-21232)'6 543346 02+75#)46 ,#36
)4002).02.646,#3376+.334))2(2)'65402(7-)265726*0.%4))26543346.*40462-$07,)0#))#0732 6*04(454-5.6754%#7)46
2,#046526)#)43764+.-.2+7646,.+2734676$7(.0465426,.%%4))26+"46,27-.62-)40$402)2657337604732//7/2.-46543!
3460254))46.*40462-6#732)'652604,254-)262-6#-2)'6712)7)2(46.**#046526)2).370265267))2(2)'64+.-.2+"46
6

!$ !$  # 
!-.+ -)(#"'#"*'+"#"+,+)""&#"""" ! "   "
*&*02+',2/+*5 .*25 '/025 !02/25 *.25 1*05 25 &*002&/02/5 .*'5 0/(2+2'5 .*'5 1*,2'5 '++-'2&5
45*5$5
%$#$53$5"2!-02'5 $555+$5 5
6

!  !  !  ""!" #
!-.+ #"##"' )+)""&#"
""" ! "   "
110/(',2/+*5.*!252+.202,,251*0525/'-./5 -+,2/+'*5.*!25212'+&25.251/&'22,,',2/+*$5
%$#$53$5"/'0.2'5$50.$5 5+$5 5
36*0.((4524-).6,)71232,+46%3262-5202//26576,4%#2046*406236+.337#5.6$#-/2.-734654%3262*27-)26526*.)712!
32//7/2.-46
-6*70)2+.3704 63765432140762-52(25#76
!6%326.124))2(2 6%326712)2646346.5732)'67**32+7)2(46
!6376)2*.3.%276526(402$2+"465764$$4))#7046
!626+.-)4-#)26543607**.0).6526+.337#5.6
6
  #"!##$# !# #   
!#"!++,##"' )+)""&#"
""" ! "  "
!!2/0+'*+&/5.**5.2)1/)2,2/+251*05* 22*+,'5*+*0!*&2'5.*!25*.2 225'110/('&*5/+5.*0*&/5+$5
 5.*55'0,/54$5
%$#$53$5"/'0.2'5$50.$5 5+$55
3654+04).67%%2.0-7634652,*.,2/2.-267**0.(7)46+.-6236 6 202%6 6-6
6 2,*.,2/2.-26*40634$!

109
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 110

BLT 2.2020 – INDICI NORMATIVA

>=<=;:987;:;65;4=<873;52=7;3=>=<=170;674;:;67</:4/73;22;706;.=-=/:=7</:4;:,4;7:;2287+;2=*)7()')7&%$&&$#"&! 7
:)7$#%"7<;787800/6484/782<,:=7855=,-48;:4=7827,836/7:/684=./76;5=/:82;7=:784;6=873=7;>>=<=;:
987;:;65;4=<87:;52=7;3=>=<=7;7/**2=5=73=7</0;64,6873;=7>8**=-/5:=7;:;65;4=<=7</:7>/:4=76=::/.8*=2=)7
6872;7/3=>=<;78006/.84;7/24/76=2;.8:4;7,;22876;284=.8782287.82,489=/:;73;=70/:4=74;6=<=70;67=:
4;6.;:4=73=76=,82=>=<89=/:;7;:;65;4=<87</:4;:,487:;2222;584/7)7
7
  
    
'(%!#%#   
    
'((4*).41-,7 0,&&)7 34)(()%12$)7 #321",04$,-(4!7 3,27 &)7 ,+(41-,7 (,&,$)(4")7 047 321",0/2,7
)$$4-4+(2)(4*,7
7571$)204)772077-77
87 3;2=*;687 3=-0/:;7 2844=.89=/:;7 3;2287 0=8448>/687 6/<;3=;:4=7 0;67 287 5;-4=/:;7 4;2;84=<87 3=7
06/<;3,6;78=:=-4684=.;7870864=6;73827"$"#$#"#")7
=746844873=7,:870=8448>/687=:>/684=<8780;64870;672875;-4=/:;74;2;84=<873=78,4/6=9989=/:= 7</:
<;--=/:=7 ;7 06/<;3=;:4=7 =:4;6 :4; 7 </:7 2/*=;44=./7 3= 7 -;02=>=<86;7 52=7 83;0=;:4=7 8=:=-4684=.= 7
6;5/28;:486;7;76;:3;6;7//5;:;=7=706/<;--=7;7=7>2,--=7=:>/684=.=74687=7.86=7-/55;44=7</=:./24= 7</:
-;:4=6;72=:4;6-<8*=/7=:>/684=./74687=7-/55;44=7</=:./24=7;7/:=4/686;72;7844=.=4 7<,=7482=706/<;3=;:
4=7-=76=>;6=-</:/784468.;6-/728768<</2487-=-4;=<87;7-46,44,684873;22;7=:>/689=/:=)7
7

%' !#%#    
    
104%4")7 0,&&)&&, )(17 '7 )&7 0,"2,(17 0,&7 042,((12,7 ,-,2)&,7 -7 7 0,&7 7 )324&,7  7 )*,-(,7 )07
1 ,((17 104%4" ,7 )&&)&&, )(17 7 0,&7 2, 1&)$,-(17 2, 41-)&,7 0,&7 7 %,2)417 7 -7
7 )47 +,-+47
0,&7"1$$)774+70,&&)2(7 70,&&)7&277
7571$)204)772077-77
27 06/..;3=;:4/7 8--=<,687 287 4/482;7 =:4;6/0;68*=2=4 7 4687 2;7 *8:<;7 384=7 3;27 848-4/7 6;5=/:82;7 ;7 3;27
 7=:7844,89=/:;73=7,8:4/706;.=-4/73827+)7=:)7.=2,00/7 </:)7&&$"$#"&)7
7
     
   
   
%!#%# 
    
21%4&47)33&4")(4*474-7$)(,24)704713,2,717047"1+(2/.41-47,72,&)(4*)7*4 4&)-.)74-7.1-,7+4+$4" ,7047"/47
)&&)7 &27 7 )7 +, /4(17 0,&&,-(2)()7 4-7 *4 12,7 0,&&)7 &, ,7 
7 0,&&)7 &27 7 ,7 0,&&)7
0 276 7
7571$)204)772077-77
:7-/-4=4,9=/:;73;22;7=:3=<89=/:=7>/6:=4;7</:7287 =6<)7')7#!$"$#"&! 7:)7!706=87<=6</286;17;7:;22;7/
6;73=7,:7855=/6:8;:4/73;2287:/684=.876;5=/:82;7787-;5,=4/73;22;8:89=/:;73;22;72=:;;75,=387=:=
-4;6=82=706;.=-4;73822864)7!*=- 7</87#73;27+))')7%"$#""& 7<;73/.68::/7;--;6;73;>=:=4;73827=
:=-4;6/73;22;7:>68-46,44,6;7;73;=768-0/64=77287<=6</286;7>/6:=-<;782<,:;7</:-=3;689=/:=7=:7;6=4/7837
8-0;44=73;22873=-<=02=:87-=-=<8 7,82;7;6/7/6=;:48;:4/78002=<84=./70;672;78=:=-4689=/:=7</,:8
2=7;787<86844;6;7=:>/684=./70;6752=7/0;684/6=73;27-;44/6;7;70;6752=78246=7-/55;44=7=:4;6;--84=)7
2706/..;3=;:4/7;-8=:8 7
72;74=0/2/5=;73=7=:4;6.;:4= 73=-4=:4=7=: 7=:4;6.;:4=76=2;.8:4= 73=7=:/6;76=2;.8:987;706=.=73=76=
2;.8:987:;=76=5,863=73;22870,**2=<87=:</2,=4 7
72=-48:9873=78,4/6=9989=/:;7-=-=<87
7=27086;6;74;<:=</76;5=/:82;7
7287</,:=<89=/:;73=73;0/-=4/7
7287<;64=>=<89=/:;782287-/068;2;.89=/:;7
7=27</228,3/73;52=7=:4;6.;:4=7
72;73=>>;6;:9;74687=27</:<;44/73=76=2;.8:9878=7>=:=73;22870,**2=<87=:</2,=4 7+))')7%"$#""&17;73=7
6=2;.8:9878=7>=:=75;/4;<:=<=7+)7=:)7:>68-46,44,6;7;768-0)7&$"&$#"&%1)7
7
   
 
'(%!#%#   
    
'3321*).41-,7 0,47 "24(,247 $10)&4(7 ,7 321",0/2,7 3,27 &)((/).41-,7 0,&&)2(7 
7 4+7 4+31+4.41-47 4-7
(,$)7 047 2,+(4(/.41-,7 0,47 "1-(24/(47 2, 41-)&47 3,27&)7 2,)&4..).41-,7 0,47 +,2*4.47 )4()(4*47 +1"4)&4 7 0,&&)7
&2767&/ &417
7-7
7 4+"43&4-)72, 41-)&,70,47+,2*4.47)4()(4*4 7

110
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 111

BLT 2.2020 – INDICI NORMATIVA

+*)*;9*;(5'&-648-;%*;$64*;#"! !# # ;1*;";


3210//.0-,+2*1)*(('0&/,%+(+1$#"!, 1)*((011##1(01)*(,!*&01)*,2, %*1
"1%&,/*&,1+)0(,/1*1&+%*).&*1*&1(*1, /02-*1),1&,+-,+2*1)*,1,2%+(,1&002/,1 .(,1,+!,(,1&*0"
(,--0/,1%+21%+2/&,!./,1&*,+20(,1*1+*//+1),10(,*20-,+2*12*(('0!,/+1),1&+%*).&*1%+2%+& .0(,1
"1 %&,/*&,1 +)0(,/1 *1 &+%*).&*1 *&1 (*1 , /02-*1 ,20(,--0/*1 01 )* /,20&*1 0((+,1 01 *&,-,1 0!,/0/,,1
.!!(,%,101&+2/*1)*(('02/,%,0-,+2*1&*,+20(*1)01&* /,/.,&*1
1
"!   !!!  ! ! !! !
!-.+ #"##"' )+)""&#""" "
! "
"
7765.-28510; 400; (8100; 384-; 706; -; 7650,,-28510; 0; 60-822-28510; 408; /8/,0'8; 48; ,6-,,-'01,5;
400;-30;6030;765.01801,8;4-;/856-,568;48;60,8;51-680;0;408;14868228;706;0-&56-28510;40;
7656-''-; 48; 68-//0,,5; 400; 51-,360; 0; 408; /856-,568; 81; -,,3-28510; 48; 3-1,5; 48/75/,5; 4-8;
-6,858;;5''-;;0;";5''-;#;40;605-'01,5;60851-0;1*;;40;#;-7680;# :*;
+*)*;9*;(5'&-648-;%*;$64*; ! !# # ;1*;#;
1
 

 ! 

#"#")$-""&#""" "
! "
"
5488-; --; 00; 60851-0; ; 480'&60; ::; 1*; ; 56'0; 706; -; 48/8781-; 400; -,,8.8,;
0/,6-,,8.0*;
+*)*;9*;-6 0;$64*; ! !# # ;1*;:;
01 (**1 +),,%01 0(%.2,1 /*&,2,1 &*, /,1 0(('0&/,%+(+1 1 )*((01 1  1 21 1 %+01 1 *1
%+01
1
1
 " 
   
!-.+ -)(#"##"+-'&%-""&#""" "
! "
"
$
; :!# *; 60/-;4-,,5;0;-7765.-28510;40-8561-'01,5;40-;-//88-28510;/8/'8-;
40;,0668,5685;40-;908510; 80'51,0;48;38;--;**9*;40;#;'-85;# ";1*; < *;
+*)*;9*; 80'51,0; *;<;#! !# # ;1*;";
01)*(,!*&0-,+2*10&+01('0,+&20*2/+1)*((01%(0 ,,%0-,+2*1 , ,%01)*(1/*&&,/+&,+1&*,+20(*1%+"
*1&*, /01)0((01 *(,!11121#"##1*&1.02/+1&,.0&)01(*1&+%*).&*1*&1(01*"
/,+2*1*1,(1%+2/&+((+1)*((*10//,,/1.&!02, /,%+"*),(,-,*10,1,2,1)*((01&**2-,+2*1)*(1&, %,+1 , ,%+1*&1
(01%.,1&*), + ,-,+2*1(01)*(,!*&0101, 0/+1.21*&,+)+1),1 *,1* ,1,2+10((01(+&+10&+0-,+2*1%+2/,"
2.*&022+1010(*&*1(*1), + ,-,+2,1,*2/,1 /0!,(,/*1)0((01 /* 01)*(,!*&01
1
  
!-.+ -)(#"##"+-'&%-""&#""" "
! "
"

-1,8068;706;-;40'5828510;0;-;68'528510;40-'8-1,5;5;408;'-,068-8;51,0101,8;-'8-1,5*;90.5-;
**9*;1*;<;40;;-7680;::;0;135.0;8148-28518*;
+*)*;9*; 80'51,0; *;<;#! !# # ;1*;";
01 )*(,!*&0-,+2*1 &**)*1 ('0(,%0-,+2*1 )*((*1 ), + ,-,+2,1 )*((01 *(,!1 1 21 $"## 1 )*(1
#$ 1 *&1 (01 )*+(,-,+2*&,+-,+2*1 )*(('0,02/+1 +1 )*,1 0/*&,0(,1 %+2/*2*2/,1 0,02/+1 0,1 *2 ,1
)*(('0&/1#1)*(1 1*+1  1)*02)02)+10(1 ,&,*2/*1)*(1*//+&*1%+*/*2/*1(01)*,2,-,+2*1
)*((*1,2),%0-,+2,1/*%2,%*12*%* 0&,*1*1&*+%02)+1(*1,2),%0-,+2,1)*//0/*1%+21(01 *(,!11 1
21" $1%*12+21&, .(/02+1,1%+*&*2/,1%+21,(1.0)&+12+&0/,+1,*2/*1
1
   ! 
!-.+ -)(#"##"+-'&%-""&#""" "
! "
"
0688-; 04; -8561-'01,5; 40-; 251822-28510; 0; 40-; -//88-28510; 40; ,0668,5685; 60851-0;
780'51,0/0; 04; -8561-'01,5; 40; 60-,8.5; 7656-''-; 48; .-3,-28510; 40-; 3-8,; 40-68-;
-'&801,0;-8;/01/8;408;-6,858;";0; ;40;4*/*; !#  ;,,3-28510;40-;4860,,8.-;# ! !
;
60-,8.-;--;3-8,;40-68-;-'&801,0;0;706;31-68-;78;738,-;81;3657-*;
+*)*;9*; 80'51,0; *;<;! !# # ;1*;;

111
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 112

BLT 2.2020 – INDICI NORMATIVA

432 100/1.-,3+2 *+))(1'0-&,),2 %$2 &,##12 "2 *+)2 ! 2 + ,2 "$2 )12 *+)-+'1.-,3+2 1',12
)(1-,'31#+30,2 *+))12 &)1--&1.-,3+2 *+))+2 .,3+2 +2 *+)-2 1),#+'10-2 1',10-2 &,32 )12 !+)- 2   2
"""%$23 2% 2
2

&("! (!  
  
:1,6+.*12-6=71,962.+1=71).2-1(='&+-179679=*659%9)$1=.+=71,6+.*12-6=71,962.+1=#"=59)1*!71=#;; =
2=<#:=109,2.39621=59=4+-179679=3621=/4+217.!9+9=5.=29-7.-9=59=679,921=.,79)6+.=.9=01209=51+=51)71-6=
+1,90+.-9/6==.879+1=#;;=2=<#=1,,1=71,962.+1=#=59)1*!71=#;;;=2=<'=
&=:=91*62-1=488+=75=;;<#;#;=2==
+))+2.,3+2/)3+'1-)-2*+-310+21-2+3-2*+))(1'0-&,),20+'2*+)2+,)1# 2 2"""$23 2"$2&,
#+2-30',*,00,2*1)2'++30+2'+,)1#+30, 2
2)+2*-,-.-,3-2*-2&/-21)2 -0,),24442
','1##12*-21.-,3+2+'2)+2.,3+2*+-310+2&,#+2/)3+'1-)-2
*123-0'10-2*-2,'--3+21'-&,)1 2*+)2+,)1# 2 2""$23 22,3,2*-2,)-10,'-121)-&1
.-,3+212*+&,''+'+2*1)2""2
2)-21*+/1#+30-2*+))+20'/00/'+21.-+3*1)-2&+2-2'+3*,3,23+&+1'-2*+,3,2++'+2++00/10-2+30',2
-)2""" 2
 

   
('")$')&$!  
 
90)98+92.=51+=876)159*12-6=59=)62)1009621=59=!129=51+=51*.296=*.79--9*6=817=+.=71.+933.39621=59=
0-74--471=5159).-1=.++.=2.4-9).=5.=59867-6=
&=:=4,+9.=75=<;<#;#;=2=<=
,#+201-)-0,2*1))(1'0-&,),22*+))12  2"$2-)2'+,)1#+30,2*+-3-&+ 2
2-)2',&+*-#+30,2+'2-)2'-)1&-,2*+))12&,3&+-,3+2*+#13-1)+2#1'-00-#12 *,#13*12*-2&,3&+-,3+2
+2 '+)10--2 1))+10-$2 +'--&12 ,'#1)+$2 /)-&1.-,3+$2 1)/01.-,3+2 +2 &,#1'1.-,3+2 *+))+2 *,#13*+2
&,3&,''+30-$21',1.-,3+2*+)2',+00,2*+-3-0-,2+2'-)1&-, 2
2++&/.-,3+2*+))+2,+'+2,'0/1)-2 &,3+312+2'-&,3+312*+-2+3-2*+#13-1)-2#1'-00-#-$2--)13.12
+2+'--&121##-3-0'10-1 2
2

()&($#')&$!  
 
1%92939621=51++1=879679-=59=92-17/12-9=59=)49=.+= 9-6+6= =51++.=.7-1= =51+= &
=5.=%92.239.71=)62=
7906701=84!!+9)$1=
&=:=4,+9.=75=#<;<#;#;=2==
12*+)-+'1.-,3+2*+-3-&+2)(,'*-3+2*-2'-,'-02*+)-2-30+'+30-2*-2,3--&12*12-313.-1'+2&,32)+2'-,'+2
/)-&+2*-0-3/+3*,20'+20-,),-+2*-2-30+'+30, 2
2
 
()&($#')&$!  
 
' 2-17/12-9=/6+-9=.++ 6--9*933.39621=51++.=,10-9621=519=79%94-9=47!.29'= 259/954.39621=51++ 9*89.2-90-9).=
71,962.+1=84!!+9).=510-92.-.=.+=-7.--.*12-6=1=71)48176=51++1=%7.39629='01))$1'=51,+9=:&=<=%.01=
&=:=4,+9.=75=#<;<#;#;=2==
12*+)-+'1.-,3+201-)-&+2/1)-2,3,2)-2-#-130-2*+0-310-21)20'1001#+30,2+2'+&/+',2*+)-22&+2
&,0-0/-&,3,2)12'-#121+2*+))(100/1.-,3+2*+))120'10+-12'+-,31)+2-32#10+'-12*-2,00-#-..1.-,3+2*+))12
+0-,3+2*+-2'--/0-2/'13- 2
2

()&($#')&$!  
 
971--9/.= < = 71+.-9/.= .++.= 876-139621= 51++1= .)41= 5.++ 92492.*12-6= 876/6).-6= 5.= 29-7.-9=
876/12912-9=5.=%62-9=.,79)6+1=
--4.39621=:=##<#;<"(=
))6756=.9=01209=51++ .7-=<=51++.=+1,,1=
2= #<;= -7.= +.= :1,9621= 4,+9.= 1= 9+= := >= :
=
8876/.39621= 51++.= :1/909621= 51++1= 621=
/4+217.!9+9=5.=9-7.-9=59=679,921=.,79)6+.=659%9).=51++.=:=2==51+=#;#;<=
&=:=4,+9.=75=< ;<#;#;=2="=
2

112
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 113

BLT 2.2020 – INDICI NORMATIVA

>=<;:987:69=5843:<2:11:<043:</.13:9=-818<2=<,869=68<28<498+83:<=+98*41=<=;;94/=6=<:369=<83</8+49:<2=1<
)('&%'%&%&$<
<

  
&&$"&%"   
    
%*0$/0)25 .25 '##2/0+'"*+&/5 /!! 2#'&/02/5 '25 )*+)25 .* 5 $/""'5 45 *&&5 5 .* ' *#'&/5 5 ' 5 #)5 5
"'0,/5 445 +5 5 1*05 25 )/##*&&25 2+5 1/))*))/5 .25 -' 22$',2/+*5 10/*))2/+' *5 1*05 '&&2(2&5 .25
2+)&' ',2/+*5 *5 "'+-&*+,2/+*5 )&0'/0.2+'02'5 .25 2"12'+&25 *+*0#*&2$25 ' 2"*+&'&25 .'5 /+&25 02++/('!2 25
 35.25$-25' '0&54 5$/""'545.* 5 #)55"'0,/5445+552)1/)2,2/+250* '&2(*5' 502 ')$2/5.25
'&&*)&',2/+*5.250*-*+,'5

535 '0.*#+'5%56545+55
>=< 2:6:9783=5843:< #6=-818#*:< *":< 8< *436:3.68< 2:8< ;:9*49#8< 28< =++8493=7:364< 2:/434< :##:9:< *4:9:368<
*43< 14< #6=32=92< !497=68/4< 8328/82.=64< 2=11:< >83::< .82=< 43!$< :+8438< %%')%'%&)(< 3$<
)(')'''$< 1< 6:9783:< 2:1< ;:9*49#4< 28< =++8493=7:364< 4--18+=64984< 1:< +:358:< 497=68/:<
#434<6:3.6:<=1<981=#*84<2:11=66:#6=5843:<8328/82.=1:<28<!9:.:35=<*47;9:3#8/=<28<8328*=5843:<2:1<2:6
6=+184<2:8<*436:3.68<#/4168<3:1<;:9*49#4<28<=++8493=7:364$<
<




$$%$$'$" 
    
##2/0+'"*+&/51*05 '++/55.*25$'+/+25.25-&*+,'5'$-'51-!! 2$'510*(2)&25.' '0&5 5.* 5&*)&/5
-+2$/5.25$-25' 50*#2/5.*$0*&/5445.2$*"!0*545+54 5*5))""225

535 2$2 2'5%55445+55
<
  
$&$$'$"  
    
.*#-'"*+&/5 .* * *+$',2/+*5 &0'+)2&/02'5 .25 $-25 ' '0&5 5 $/""'5 5 .* 5 *$0*&/5 *##*5 45 '102 *5
45+55$/+(*0&2&/52+5 *##*545#2-#+/545+5 5'5)*#-2&/5.* *5"/.22$*52+&0/./&&*5.' '5
*##*5 45 .2$*"!0*5 45 +5 4 5 ' '0&5 5 !2)5 .* 5 %35 45 $/"*5 2+&0/./&&/5 .' 5 )/10'5
02$2'"'&/5*$0*&/5*##*5
<#:+.864<2:11:<7428!8*":<;9:/8#6:<2=11=<>$<)('%&)<81<2:*9:64<#4#686.8#*:<81<$<89$< :3$<)'%&)<
=++8493=324<1:<289:668/:<*":<+18<!!8*8<9:+843=18<24/9=334<#:+.89:<2=11=<2=6=<2:1<)'&)'%&%&<:<!834<
=11:7=3=5843:<2:11:<183::<+.82=<2:1<$<1<;94//:287:364<;9:/:2:<*":<<;:9<1=<9:=1855=5843:<28<3.4/:<
*4#69.58438<:<;:9<1:#:*.5843:<28<836:9/:368<28<=2:+.=7:364<4<78+1849=7:364<#8#78*4<2:11:<*4#69.58438<
:#8#6:368<98*=2:368<83<6:99864984<=<-=##=<#8#78*86 <<343<#=9 <;8 <3:*:##=98=<1=.649855=5843:<#8#78*=<;9:
/:368/=<3:=3*":<;:9<+18<836:9/:368<;:9<8<.=18<81<2:*9:64<
-14**=<*=368:98<$>$<%'%&)<*43/:96864<83<
>$<'%&)<=/:/=<;9:#*98664<1838584<2:8<1=/498<#414<=<#:+.864<2:1<981=#*84<28<.3<;94//:287:364<=.649855=
68/4<2:1< :384<8/81:<=3*":<;:9<.:#68<836:9/:368<#=9 <#.!!8*8:36:<81<#:7;18*:<2:;4#864<2:1<;94+:664<.618
1855=324<1=<;8=66=!497=<83!497=68*=<
8#78*=<=669=/:9#4<1=<.=1:<81< :384<8/81:<981=#*:9 <1=66:#6=64<
28<2:;4#864<
83<6:7;4<9:=1:$<
<
 "$&$$'$" 
    
.*#-'"*+&/5.* * *+$',2/+*5&0'+)2&/02'5.25$-25' '0&55.* 5*$0*&/5*##*545'102 *545+55
$/+(*0&2&/5 2+5 *##*5 45 #2-#+/5 45 +5 5 '5 )*#-2&/5 .* *5 "/.22$*5 2+&0/./&&*5 .' '5 *##*5 45
.2$*"!0*5 45 +5 4 5 ' '0&5 5 !2)5 .* 5 %35 45 $/"*5 2+&0/./&&/5 .' 5 )/10'5 02$2'"'&/5
*$0*&/5*##*520*&&2(*51*02/./5&0'+)2&/02/5'25)*+)25.* '0&55$/""'55
>=< ,46=< 9:32:< 3464< *":< 83< 9:1=5843:< =11:< 7428!8*":< 836942466:< 2=11=96$< .=6:9< 2:11=< >$< )('%&)<
=11=96$<-8#<2:1<$$$<&'%&&)<*47:<8369424664<2=1<$>$<%'%&)<81<8;=9687:364<"=<;94//:2.64<
=11=++8493=7:364<2:11:<:1:3*=58438<28<*.8<=1<$<89$< :3$<%'&'%&)<3$<)<*43<.:11:<98;496=6:<83<
=11:+=64< =1< $< 89$< :3$< )'&)'%&%&< 3$< < *43< :!!8*=*8=< 2=1< )'&)'%&%&$< 18< 92838< ;94!:##843=18< 83<
832898554<#434<83/86=68<=2<83!497=9:<6:7;:#68/=7:36:<8<;94;98<8#*98668<=1<!83:<28<:/86=9:<18341694<:99=64<
28<8#6=35:<=+18<!!8*8<2:1< :384<8/81:<;:9<69=786:<2:11=<;8=66=!497=<
8#78*=$<
<

113
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 114

BLT 2.2020 – INDICI NORMATIVA

!   


##$$'$""  
 

'2,..)2418/-4&182,%41-)$,83,2848$)*12483/##$4&48)--186"6"!8
!!85!84&4$4)8'!887"76"6"8-!88
87654324106/..-02,/67/6+/7-5-1*65476('24&&/2-06%,-30624.-0,/746$426-67/+02-6$%##7-3-6/,,06"! 6/501
1/106 30,6 6 6 ! "! 6 ,6 /#6 3046 -,14.2/106 30,6 6 6 !!"! 6 ,6 !/#6 -,06 /76
  ""!"!6
6
 

  
&'$&"! #""  
 

3,&44&,8 (,&-4&,8 1##$4%48 4-12)(4*48 &1--,++48 )$$,+,2&4.418 0,$$)((4*4(8 048 &)*)8 )2(!8 68 &1!8
6#4+8$!2!86"7!8
!!85!81+&)-)8'!886"76"6"8-!88
876$20++45-4,10654-,-346746$43--346143,-34654.7-647/#02/1-6346-,6/11%/&-0,465477/21-30706"6
30/6"65477/6  6"! 654+0,06/330$/.,/2467/612/--0,46/76 0%,465477/6247/&-0,46143,-
3/65/6$/214654761-107/2465477/%102-&&/&-0,464,1206-76 6/2&065-63-/3%,6/,,06'4267463/+465-6/142-/
74602,/4,1/746-761-107/2465477/%102-&&/&-0,46$244,1/6%,62-7-4+0612-5-4,-0,/746/4+42/1065/765-241
1024654-67/+02-6346/76-,465-6%,
/.4+0746.41-0,46467411%2/6547706140650+2*644246302245/1065/6/7
12-6503%4,1-6 %/7-6%,647/#02/106$7/,-412-306%,/606$-602100106/630702-64336
6

 
&'$&"! #""  
 

10)$4(8048&)$&1$180,$$4-0,--4(8048)$$)%),-(18 2(!878&1)8
80,$$)8 !5!8-!86""!8
!!85!81+&)-)8'!8866"76"6"8-!8
8
4605/7-1*65-63/730706,0,6-6/$$7-3/,06/77460$4246-52/%7-346$426746 %/7-62-%71-6.-*6/++-/1/67/6$2034
5%2/6$4267/-5/4,106/60..411-64142,-65477/6$20.411/&-0,4654-,-1-+/60++4206$426746 %/7-67/6$20.41
1/&-0,4654-,-1-+/6-/61/1/6.-*6/++-/1/64630%, %46 %477-6$426746 %/7-6-/,06.-*6-,142+4,%14674630%
,-3/&-0,-65-63%-6/77/21-30706 65476' 6,6""!! 6
6
  
 #""  
 

4+31+4.41-48 +/$8 &42&/4(18 )/(11#4$4+(4&18 ,8 1(1&4&$4+(4&18 +4(/)(18 -,$8 1/-,8 048 &)23,24)8 ,8 )-8
'4,21!8 1044&,8)$$)8$!2!8
7
8,8)$$)8$!2!87!8
!!85!81+&)-)8'!887""76"6"8-!878
/674..4605--3/67/6  6 6-,6/142-/65-6-, %-,/4,106/3%1-306$4265-3-$7-,/24674605/7-1*6
0$42/1-+46$42674411%/&-0,4654-630,12077-6-+-630$24-6-6142-,-65-62-42-4,106$4267/6+/7%1/&-0,4654-6
+/702-65-6/114,&-0,465-67%,.06142-,46
6

      
 #""  
 

1044&,8 )$8 2,%1$),-(18 68 )%1+(18 6"78 -!8 58 5,%1$),-(18 048 )((/).41-,8 0,$$)2(4&1$18 
8
0,$$)8$,%%,82,%41-)$,87"8-1*,#2,86"7
8-!88 12,83,284$8%1*,2-180,$8(,224(12418&1-(,-,-(,8
04+31+4.41-483,28$)8/)$4(80,$8(,224(124182/2)$,!8
!!85!81+&)-)8'!887"76"6"8-!868
4765411/.7-0674605--34646-,14.2/&-0,-6/$$20+/146/76 4.6 "! 60,067464.%4,1-6
6-,42-4,1065-6%,6/21-30706/21-30706 #-63461/#-7-34674630,5-&-0,-6$4267/624/7-&&/&-0,4654-6/
,%/11-646/712-6-,142+4,1-645-7-&-6$4264-.4,&46+4,/102-465-63%-6/77/21-30706#-65477/6  6 6
6/54.%/4,1065477/65-3-$7-,/6/77/6  6!"! 6346/62-54-,-106-7624.-46/-,-12/1-+0654.7-6
-,142+4,1-6 5-6 3%-6 /77/21-30706 !6 30/6 6 5477/6  6 "! 6 741142/6 /6 30,-14,1-6
,477-,1/77/&-0,465-642246465-6/712-6/,%/11-6/&-4,5/7-6$426$42-05-6%$42-02-6/-65%46/,,-6
6 /..-02-6 -,5-3/&-0,-6 -,6 42-106 /7746 3/2/1142-1-346 54-6 /,%/11-6 $24/##2-3/1-6 1/#-74,506 %,/6
5-4,-0,46 /-/6 $/2-6 /6 !6 412-6 %/52/1-6 5-6 %$42-3-46 3/7$41/#-746 $426 3-/3%,/6 /&-4,5/6
/.2-307/6

114
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 115

BLT 2.2020 – INDICI NORMATIVA

87654326140/.76--470.,147,43+.06-+7+0716/4,+675+7*.0)4,40(675+7'4,&+(+%754)+0+(+.0+720+).,1+74720+8
)+*6(+.04754+7$6,614/,+72,#60+'/+*+74745+-+(+7$4,7+-73.&4,0.754-7/4,,+/.,+."7
7

   

 
,-*,('"!""!*(!!%"!!! !
!  !
'-(,&2).41-,80,%%$)2(#87"80,%%$)%%,&)(18!80,%%)80,%4 ,2).41-,80484/-()82,&41-)%,878)2.188-#8
84+43%4-)84-(,2*,-(480482,/3,2180,%83)(241-418,04%4.418,+4+(,-(,8)2(#8"8#878%,((#8 8#5#8-#8
781-84%85,3,2(124180,48(4348,80,&%48,%,,-(4824122,-(48-,%%$,04%4.4)8(2)04.41-)%,#8
##85#8 24)8/33%#820#8 78-#88
!.07 ,+)4,+140/.7 67 45+)+*+7 47 *.1$-4''+7 45+-+(+7 5+7 45+-+(+67 '$4*+6-4%7 -67 54-+#4,6(+.047 ,+/+4047 .$$.,/20.7
1.5+)+*6,47 -67 4-+#"7 ""7 %7 0"7 7 6-7 )+047 5+7 *.0'40/+,47 +0/4,&40/+7 5+7 ,+'/,2//2,6(+.047 $+7
$4'60/475+724--67)+0.,676114''6%70.0*761$-+6140/+%767*.05+(+.047*47'+7$,4&4567-6754'/+06(+.047
543-+7+11.#+-+767'4,&+(+7$2##-+*+%747*473-+7+0/4,&40/+7'+60.7*.05+&+'+74576$$,.&6/+7145+60/47$,.*452,47
*47'+75.&,600.76&&6-4,4754--67$6,/4*+$6(+.0475+7/2//+7+7'.334//+7*.1$4/40/+76574'$,+14,'+78767$6,/+,47
56--4'61475+7+$./4'+75+7)6//+#+-+/%7)+0.76--.7'&+-2$$.75+7$+60+747$,.34//+7*.07+-71633+.,7-+&4--.75+754)+8
0+(+.047 87 145+60/47 -+'/+/2/.7 54--67 !.0)4,40(67 5+7 4,&+(+"7 47 5+'$.'+(+.0+7 6$$,.&6/47 $,4&6-3.0.7 '27
24--47543-+7'/,2140/+72,#60+'/+*+%7'2--470.,16/+&4745+-+(+474572,#60+'/+*47543-+740/+7-.*6-+"7
7
 
,-*,('"!&"!)&*!"!*(!!! !
!    !
/)0218 0$4-+4,,8 0,48 *)%1248 )&241%48 3,28 (4318 048 1%(/2)8 0,48 (,22,-48 132,+48 -,%%,8 +4-&1%,8 2,&41-48
)&2)24,80,%%,8321*4-,8048 ,2/&4)8,8
,2-48*)%40483,28% )--18+1%)2,8#8
##85#8 24)8/33%#820#8678-#868
7




,-*,('"!""!,%,$&!!%"! !! !
!   !
,&&,82,&41-)%,878, 2)4187 8-#88)2(#88 4+81)87#8'-04*40/).41-,80,%%,8)2)((,24+(4,8
(,-4191+(2/((4*,8 -1-8 0,48 %44(48 (,312)%48 048 /(4%4..18 0,%%,8 13,2(/2,8 1-8 (,-+1+(2/((/2,8 18
+(2/((/2,8+44%)2483/28)1*4 4%480,482,4-(480,+(4-)(48)%%)81*4,-().41-,80,&%48,/404#8
##85#8,-,(1820#8 78-#8778
-7$,.&&45+140/.%704-756,476//26(+.0476--6,/"78#+'%7*.1167754--67 ""70"7
%7).,0+'*472067$,+167
+05+&+526(+.04754--47*6,6//4,+'/+*47/4*0+*.8*.'/,2//+&4754+7,4*+0/+7$4,7-671.&+140/6(+.047543-+742+5+7
47,4-6/+&47'/,2//2,475+7*.$4,/2,67*47$.''.0.74''4,474'432+/47+0754,.36767260/.7$,4&+'/.76+7*.11+7747
754-- 6,/+*.-.7754--67 ""7%70"77.,147$4,7+-73.&4,0.754-7/4,,+/.,+.747+0716/4,+675+7
$64'633+."7 7!.120+7047&4,+)+*60.7-67*.4,40(67,+'$4//.76--670.,16/+&676//26/+&6754+7$,.$,+7'/,2140/+7
5+7$+60+)+*6(+.0472,#60+'/+*674754+7,43.-6140/+745+-+(+%7,4*4$405.047+7*.0/402/+"7
7
 
"!"!,%,$&! !%"!!! !
!   !
4+31+4.41-484-8)(,24)8048,-(48%1)%4#8
##85#8,-,(1820#86778-#878
,,6/67*.,,+347+07"""7%70"7%7,5""7
-7 )+047 5+7 *.0/+026,47 +-7 $4,*.,'.7 5+7 '41$-+)+*6(+.047 54+7 -+&4--+7 5+7 3.&4,0.7 54-7 /4,,+/.,+.%7 ,405405.-+7
1633+.,140/47 654,40/+7 6--47 +05+*6(+.0+7 54-7 /4,,+/.,+.%7 -67 -43347 *.0/+4047 1.5+)+*47 6--67 ""7
%7 0"7 
7  +'*+$-+067 54-- 4'4,*+(+.7 6''.*+6/.7 5+7 )20(+.0+7 47 '4,&+(+7 *.1206-+7 47 6--67 ""7

%70"77.,147+0716/4,+675+720+.0+71.0/604"7
7

 



"! *"!"!,%,$&!!%"!!! !
!  !
!&&412-),-(180,%%)810/%4+(4)8048/48)%858-#8 80,%87 8&,--)418781--,++)8)%%,801)-0,8
048 1-(24 /(18 3,28 %)8 2,0).41-,8 0,48 4)-48 048 54)++,((18 12,+()%,8 048 /48 )%%$)2(#8 68 0,%%)8 #5#8
76##7 8-#8"8,&&,812,+()%,82,&41-)%,#8

115
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 116

BLT 2.2020 – INDICI NORMATIVA

'&%&85&8$,-,(18#20&8"! "7 ""8-&878


9876 546 328110/5.07-86 150706 ,++5827,-,6 4,6 .8/*45)-5(,6 (8770)),6 ,4406 /8.,7/06 /56 (87-25'*-86 3026 4,6
20/,&58706/056%5,756/56$5,))0--86#820)-,406/56(*56,44",2-!6 6/044,6!$!667!6 60++06#820
)-,40620+587,40!6
6
'&%$#$"! $#$  &"$%$
(!( "!  

4+31+4.41-48 048 )0,/),-(18 1204-),-(),8 "78 4-8 )(,24)8 048 314(4,8 +)-4()24,8 ,8 048 314(4,8
+14)4&8
'&%&85&8$,-,(18#20&8 "7 ""8-&8778
7615+8206/,46   6)56)0+7,4,7865763,2-5(84,206406.8/55(06,44,6!$!6  67!6 620(,7-06
782.06576.,-025,6/56,*-825&&,&5870606,((20/5-,.07-86/04406)-2*--*206),75-,2506)8(58),75-,250606)8(5,
45!6
6
#$#$$"&&$&%&
()& ($#(!( "
!  
540,(,24-).41-,80,)8/)-(4(8)++4)80481-+/18048+/1183,28)/-481/-4&8-(,2).41-48,8
1044,8),80,4,2).41-480,)84/-()82,41-),8-&8  "78,8-&87! "7&8 ,,82,41-),8 8
4/-18"7
8-&876&8
'&%&85&8$,-,(18#20&8!7 "7 ""8-&8768
,6/045'02,&58706,6)0+*5-86/04625)(87-286/56,4(*7065.320(5)58756/81*-56,/60228700657-02320-,&58756)*4
406 .8/,45-6 /56 571586 /056 /,-56 86 /56 (,4(8486 (87-07*-06 704406 (0/06 782.,-5106 5715,-06 /,56 98.*756
328110/06,44,625/0-02.57,&58706/044,6 *,7-5-6.,))5.,6/56(87)*.86/56)*84863026,4(*75698.*756
,2
',2,786 8)),786 576 %28157(5,6 /56 5(07&,6 ,)026 /56 %,/81,6 06 87-0+28--86 02.06 576 %28157(5,6 /56
%,/81,6060+7,+86576%28157(5,6/560287,602.0620)-,7/86406328(0/*20606406.0-8/848+506+56,3345
(,-06704406/0-02.57,&58756/56(*56,44,6045'!6!$!67!66/046 606,44,6045'!6!$!67!6 6/046
 !6
6
'  
 
"" &"$$"& %$"    %$#&
(%")#$!"!  
5,1),-(18 +/ ,+,24.418 0,8 0424((18 048 ),++18 -1-8 0,48 0424((48 0,24*)-(48 0)48 1448 048
3/44(8(2)+3)2,-.)8,804/+41-,80484-12).41-480,,83/4,8)4-4+(2).41-4&8
'&%&85&82,-(4-18(1804,8/33&87 "7 ""8-&868
7615+8206/,46  6546/0(20-86/5)(53457,640)02(5&586/056)0+*07-56/525--56
64,((0))86,56/8(*.07-56,..575)-2,-5156
64,((0))86(515(86)0.345(06
64,((0))86(515(86+0702,45&&,-86
64,((0))86,+456,--56/04406328(0/*206/56,5/,.07-8606/560)0(*&58706/056(87-2,--563*''45(56
64,((0))86,44065782.,&58756,.'507-,456
645782.,&5870606546/525--86/56,((0))86,56/,-56302)87,45!6
6
&%% #&%  $#$%$#
")#$!"!  
4+31+4.41-481,)(,8))8,,8048+()44(8""&8
'&%&85&82,-(4-18(1804,8/33&8!" "7 ""8-&8!8
,6 40++06 07-2,6 576 15+8206 /,46   !6 56 )0+7,4,786 576 3,2-5(84,206 406 .8/55(06 ,44,6 !%!6
67!66576.,-025,6/560)328325,&587563026(,*),6/563*''45(,6*-545-!66
6
& &$"$$#$"$
()& ($#")#$!"!  
1044,8 ))8 0,4,2).41-,8 0,)8 4/-()8 321*4-4),8 -&8 76!8 0,8 8 04,2,8 "78 2,)-(,8
4+/2,8*1(,8)8+*4/33)2,848132,-+1248+44+(44&8
'&%&85&82,-(4-18(1804,8&898! "7 ""8-&868
06.8/55(06,33281,-06)56,3345(,786,63,2-5206/,46  !6
6

116
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 117

BLT 2.2020 – INDICI NORMATIVA

"!!       !    


()&($#")#$!"! 
 
("*#$"+($#/ '+/ +$#)!#$+/ #/ ('++ / '#+/ )+#)+/ *#)/  / ($#""+($#/ '+/ ($)+&+/ +/ +$+/ '#/
++() #$(/'##++#$% /#$#)#+ /#/'#&++%%(/'+/($+/'+/#$#)+ /)+$$(! ++/
/,/)#$+$(/(/'+#//0/ .   /$/ /
'&%$#&"! !#&% %!!% !"#&!!!% !%#& !%% !!#&%# !!$%!%# !&!%!%
#!% % % $#&$""!#&% !% $#&!!% & #% !#!% !$!&% &!$% % ! $& #%
#&% !% $#&!!% % % $#"!#&% % !&#% !% !!&!% ! #!$!% %
#!!#&&#% !%!#!!%&#&%$$!!%%%!$% %# !!$ %#%#&#%
!$!#&% %

  %%%% #& %"&%%!% %% %
%
    
()&($#")#$!"! 
 

)+#)+/ *#)/  / ($#""+($#/ '+/ #!( %+($+/ *#)/ (/ "!+&**(/ '# / (++ / ##)+ / +$/ *)(!+$+ / '+/
(% $(/  0  /
/,/)#$+$(/(/'+#//0/ .   /$/ /
'% # !&#% !"#&% % #$% % !% 

% &% 
% % !&% !% !!#%
!$$!% % !"$!!&% '% $!!% #!% "!% !$&#% % #& % "&% &% !&&!#%
   %
%
 !
(%")#$!"! 
 
('++ / /)#( #$(/'+/#"#&%+($#/'#()'+$ #$(/()#" #/
/,/)#$+$(/(/'+#//0/ .   /$/-/
%

   " 
 
( (&&' (! "! 
 
& %+($+/'##/'+"*("+%+($+/'+/&+/  )/--/'# /##/*)(!+$+ #/./&+(/. /$/ /#/"/
'#& #$(/'#+/! ()+/+$/ "#/ +/' +//
/,/)#$+$(/(/'+#//0/  .   /$//
%

117
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 118

BLT 2.2020 – INDICI NORMATIVA

)('&%$#"%! )#!!#!
/<;4250 3;.739250 -;<<;0 ,+9429,7<90 45+.;0 *)(0 ;0 '/(0 4&5%;0 50 7::95+473;0 4;<0
,;+95-50 

  10 $90 %;-7450 90 25-9290 #"$!0 #() 0 ,;+0
<722;88507<025.,;4-95025.,<;350;08;.,+;07::95+47350-903&33;0<;045+.;0%9:;4390
-98,5499<;08&<089350(43;+4;307<<708;6954;0;-76954;00)5+.;0*)('/(10


)%!
!&1'+, &1%+'+1%&'##"&1'&#1%&)&'"&1+, #1
' ('/0)*/0/0 "!"0)"00()*"00//)!*"(0""()(00$$!(!*()(0
'5-929045+.;0,5885450,+;8;437+890742;094025.9476954;1
211 1 .'*.#1)'#1&#+,#"#1+1,&&-."#1#1.$&+1."#.#'+1*#1
211 1 .'*.#1)'#1'+, #1&),+-&#1&#+,#"#1*#11
211 1 .'*.#1)'#1'+, #1.'"&,'#(.+'#&1&#+,#"#1*#1
211 1 .'*.#1)'#1%-&..#1"&'.#1
21/1 1 .'*.#1)'1,#--+,"+1"&'.+11
'5-9290<94:&;111.'&%&111."#.#'+111.'&%&1&1."#.#'+*


#!!#$&%!###(!!$)((#(!!%$!#)!%'!
'!  
!
)5+.;0:;4;+7<90-90,+5:;3376954;0;-9<96970
*)(!0 0



0(!0
.'&# &'"+1 *&&1 '+, &1 1 00 02 1 &1 1 00
1 ,&#".$# &'"&1 ##1 .),#1 -,+&%%.+'#&1 *.1
-,+&"1 #'#&,1
)(*'&%%$'#$*#"! !$*$' !"*(*"("" #**&(( "&" #$*"(("* $'"*)**"*)**'"(&
#&" #"*&((&*'&*%'$"$ &("**%'$"!#*& &"'* $%$*&"'*'! &&#$* * #"**!$ #" #*
"(("* $'"* *$"##$ *" "*" #&* &*&%%&#'&*'&**%' !%&(*!$ #" #**!$%"#"
" *%'$
!"*"*'(#&#*&##"*"(("*#""* $'" *&(* "**$' '"* *'"'" #$*!$ "* *#"' **'&!
!$& &
$ *"*( ""*&*%"'**%'$!"**!"'#!&
$ "*"((&*'&**%'$"!#*& &"'*
*
   !!

 !
!
!
';+399276954;0-;<<70&7<9300
*)(0'/(0/)0($(/'0
 0


0/)0
#)"#(.+'&1*&#1+'+, ."121,.'.-.1&1,&).%.".1-&,1.1+,#'.% .1*.1$#.*#(.+'&1&1$&,..#1
&* $'&*!$ #" "**%' !%*"*'"#*%"'*(&*!$%"#"
& *(*'"$(&'"* "* !$"'" #"* 
$ &" #$* "*
(%&'
&(#* "(* $'& * ! "* ""$ $* &(&
$ ""'!&* !$"* &###* * &(#&
$ "* "((&*
!$ $'#*
*
*
##!!%#%#()#!#!##%!$)#%!!%$!#)!%'!
%
!
53;46708545+70-;<<;085+:;4390
*)(0/)0($0  0 


0/)0
)%".#121&,+1*.1,.&,. &'"+1-&,1#1"#,#"),#1*&.1#)*.+ &",.121#,"&11/.&,. &'"+1. .'#,&1'&&1
+'*.(.+'.1*.1#%+"+1.'1# -+1.&,+1+1.'1# -+1*.)%+1
$##!"*(& &($&* $'&*"(**
*

118
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 119

BLT 2.2020 – INDICI NORMATIVA

&%$#&"!&
  
)&'), %), &'!, -, &"%!" &'), ''!%%), %, '), )", &"!#)&"!, &'#, !, !')!, %),
''!%%!"&,, !&,-,) $'#)&"),$ )!,
  

          

     
$ ), -, )"!!, $)%, (!', , '$', , %!), %) (& ))), %), ')%$#)&"!, %!, '$&'!, %, ')&,
'%!,
  



)))('(&%$#"!)$ "("()%"!!((#() (%(
&(  (

&% ( &&&()$#&"!((%('!$)$#&"!(&!(!&
  
) !), %), ')!#)&"!, !, %), !"#)&"!, %)"!"%)&,-, '!, ,
$#)&"!, %!, &())) , !,
&""!)) ,%!),&(&"!"),%),$", ) !,
  



) ('(#%##%"(&$%# #)((#() (%
(
(( ((( (
"(%& $ (&$)& ( $))&&

    
!')),!)),-,'&,%),'#)&"!,-,'!, ,!&%&,%),('&,,!(!'$',)!"!,
  


(!&(&%$)$ $

  
(!))#)&"!, !, $))#)&"!, %!!, ('&!%$'!, %), %$', (!', !')), !)), -,
(!))#)&"!,%!,('&!%$',%), %$',-,'!, ,%$',%,'&,
  



   
(!))#)&"!, !, $))#)&"!, %!!, ('&!%$'!, %), %$', (!', !')), !)), -,
(!))#)&"!,%!,('&!%$',%), %$',-,'!,+ ,%$',, ,
  



('() &) #)(#" $$))((#() (%
(
)( (  (( (  (
 &$! &&&%$)$ (! "
 
%)!,(!',') %!"&,-,'!, ,%)!,&",'$)&'),%,'), &),-,*!$) )), (!))),(!',
, $"#)&"!, $, %, ")'), !, (!', !, ('! #)&"), !"!'!)!, %!), %-$, %, &)&,
&$ ))!, !, %!!, %)!, &)"!, !, &", (&!"#, !'), "&)"!, )"&'!, &, $$!, , ,
,
  



119
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 120

BLT 2.2020 – INDICI NORMATIVA


 ' +#.*#).)+" ' #$(./. & %+($#.#$#)#+ .'#+."+"#+.'+. &&(.'# & . ' .
6543231240/.-,+*+-5)+.*5('+.&/-.%$$#.
.
%# % % ' %&' #"%! ''!' %#(! '


+"#+. '+. )#)+#) %+($#. #. *(*#. '+.  ()#. /. ,#&+"++. '+. "+&)#%% . #. +#$ +. /.  )#. .
($'&%+($#. $&#$%+($#.)+* ) %+($#.#.)#&*#)(.
6543231240/.-,+*+-5)+.*5('+.&/-.%$"!.
.
! #! %'%$ '$(&#$

+"#+. '+. +"&) %+($#. '#.  ". /. +"*("++!+. '+. +"&) %+($#. '#.  ". "&.  "#. () )+ . /.
$#) + ++ . ($ ()+. ($. *()  . .
-. ($. (&$+ %+($#. *&$(/*&$(. /.  )#.
/.
)(+(.'+.(&$+ %+($#..
+.4/0220+.3/0*20+.05'-/3+.2.(/124232.*5('+322.3/0*202.&/2*232.*/--/.+(32.+-20+2-2.&/--/.4/02
20/. 3/0*20/. 6. ""%". +-. 2*/. &2. 05*4/*32(/. -,2*3/(0+'2+2-23. &/2. )(12. &2. '241(+. &/-. )+4.
*+31(+-/.&/432*+32.+-.'+44'+(/3 .
"$ .0/.05'1*20+*5.2*.'5&+-23.1*351*35. +.4/0220+.
3/0*20+.&/2*240/.)-2.5))/332.*/0/44+(2.+--+.)/4325*/.&/-.'/5.3(+4'24425./.-/.'+002*/.+.43+32.&2.)/
4325*/.&/--+.05'1*20+25*/.
.

+"#+. '+. +"&) %+($#. '#.  ". /. +"*("++!+. '+. +"&) %+($#. '#.  ". "&.  "#. () )+ . /.
$#) + ++ . ($ ()+. ($. *()  . .
-. ($. (&$+ %+($#. *&$(/*&$(. /.  )#.
/.
('#(.' +.
+.4/0220+.3/0*20+.05'-/3+.2.(/124232.*5('+322.3/0*202.&/2*232.*/--/.+(32.+-20+2-2.&/--/.4/02
20/. 3/0*20/. 6. ""%". +-. 2*/. &2. 05*4/*32(/. -,2*3/(0+'2+2-23. &/2. )(12. &2. '241(+. &/-. )+4.
*+31(+-/.&/432*+32.+-.'+44'+(/3 .
"$ .0/.05'1*20+*5.2*.'5&+-23.1*351*35. +.4/0220+.
3/0*20+.&/2*240/.2-.453352*42/'/.&/-.'5&/--5.&+32.4/0220+35./(.-,2*3/(0+'2+2-23.
.

+"#+. '+. +"&) %+($#. '#.  ". /. +"*("++!+. '+. +"&) %+($#. '#.  ". "&.  "#. () )+ . /.
$#) + ++ . ($ ()+. ($. *()  . .
-. ($. (&$+ %+($#. *&$(/*&$(. /.  )#.
/
.
#$#) + .#. "+.'&"(.
+.4/0220+.3/0*20+.05'-/3+.2.(/124232.*5('+322.3/0*202.&/2*232.*/--/.+(32.+-20+2-2.&/--/.4/02
20/. 3/0*20/. 6. ""%". +-. 2*/. &2. 05*4/*32(/. -,2*3/(0+'2+2-23. &/2. )(12. &2. '241(+. &/-. )+4.
*+31(+-/.&/432*+32.+-.'+44'+(/3 .
"$ .0/.05'1*20+*5.2*.'5&+-23.1*351*35. +.4/0220+.
3/0*20+.&/2*240/.-/.1*25*2.+-20+32/./.-/.2*3/(+00/.&2.05'1*20+25*/.0/.&/5*5./44/(/.(/4/.&2
45*22-2.&+.)(12.&2.'241(+./&.++(+32.&2.(/3/.41--+.5(3+.-50+-/.+2.2*2.&2.2*43+--+25*/./.'+*13/*
25*/.
.
.
 


%'$%' % #(%



 +$ +.'#() +!+.+$.($+$&(. . "#.'+.)#"+$#.#)(+$'&)#$+.#$#) #$#.+  +. +$ +.+$.
($+$&(./../. )#.-.*#++#.
+.*5('+.43+2-240/.1*.4243/'+.&2.0-+44220+25*/.&/2. .*5*0.2.-2/--2.(/43+25*+-2.1/43+.+(
3/..&/--+.*5('+.4/0220+.+*0/.2.(/124232./(.-/.(5(2/3.&/2.+(2.322.&2. .0/.45*5.(2*02+-
'/*3/.&/432*+32.+--,2'2/)5.1+-2.41/(202/.&2.(2/432'/*35.&/05(+325.*/-.0+'5.&/2.'52-2.+((/&5.
&2.2*3/(*2./.+2'/*32.
.

120
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 121

BLT 2.2020 – INDICI NORMATIVA


$$' !"$$'$'!$!''' $'"$'"!$ "$'"'$$'$$'$'
!$!'(' '('"' '
! $' $'#"!'
654321054/.-,3,+*.4,40.)2/,4/,4(12'54(.14/.).10,351.4&.4(12(1,.)%4/.,4&50,35),4/.*215),',4,34*23),3#24
"! 64 #.+),4 0.)2/,4 +2324 -,35&,5),4 54 '5&#)51.4 &.4 *515)).1,+),*.4 /.,4 ! 64 &.4 *#,4 (1.+)5,23,4 +2324
+(.*,-,*5).43.&&54(51).44
4

$$' !"$$'$'!$!''' $'"$'"!$ "$'"'$$'$$'$'
!$!'(' '('"' '"$'
654321054*&5++,-,*54,4&50,35),4/.*215),',4,34*23),3#24"! 64,345+.45&&.4&2124(1.+)5,23,4./45,4*50(,4
5((&,*5),',44! 64+232405).1,5&,4/541,'.+),0.3)24(.14#+24,3).1324/.+),35),45/4.++.1.4,3*2&&5),4+#4+#(
(21),44+.*23/54/.&&54),(2&2,54(2++2324.++.1.4,0(,.5),43.&4+.))21.4/.&&511./50.3)24(.14&541.5&,
5,23.4/,4+'51,5).4(51),4/,402,&,4"#5&,4(533.&&5)#1.45&5),3.453).4.4(,53,4/,4&5'2124/,4511./24/.
&,4,3).13,4"#5&,421/,41,'.+),0.3),4/,4(12-,&,4(21).4.4/5'535&,4323*43.&4*50(24/.&&.4*2+)1#,23,4
.4/.,4)15+(21),4*20.4+#(.1-,*,4/,41,'.+),0.3)24/,4.&.0.3),4'.1),*5&,41,,/,4"(51.),4.4/,',+21,4/,405).
1,5&,4*20(2+,),4"(533.&&,4+53/,*42453*2154/,4(5',0.3),4
4
4
"!!  !! !"!!   ! 

 
## !$!
 
  
!$$''#"! !$'$$'('%$' $'$$'""$'$"$'('"' '!'
2+),)#,+*.4&535&254321054/.&4 4
4
# !#!!#
 
 
!$$$' (' "! $!' $' #"!' $ $' #"' ' $!' ' $!' $!'
!!'"$!'"$#!'('$!'!' '"$'""'! !' $'!"!"$! '
2+),)#,+*.4&535&254321054/.&4 4
4

  

! #
 
  

$"$!' ' #!"' $' $ $' $' ! !$' $$' (' $ ' $$!' $' $"!"$' $' #!"'
"!$$'$$$'#"'$$ $'! $$'
2+),)#,+*.4&.4
4 4  4/.&44.4&54
4 44 4/.&4 4*.4'.323241,),15).4
4
  
 "!"$'('%$$$' $'$"$!''$$$!' $'"$'#$!"$$'#"''$"'
$$' $'#"$#$$!'
2+),)#,+*.4&54
4 4/.&4  4*.4',.3.41,),15)54

121
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 122

BLT 2.2020 – RUBRICHE

&%$$#&%"#! # #"#$"%
+78725107,*5,)7.70/5,470/7027,*5,50/7)7447(,/)3,'&7887,.%7,43)3001,$&##85.3/7,4&5,
$)1445"5, 0&"7)5, *7883, !3447603, $7)51*5.3, 5&)54$)&*7023, *5, 76548325107,
7.05.3-,
,$',%!,*!%#)&"!,%),!) #)&"!,!"),
,
#$"#!# " !$%" # !# %### !#
$!, !, !"!"#!, ')(&'!, %), !$)&, &"&, &''!%!, %!, &%)!,  , )"%, , ! $ )&, ) !, )%!&, %,
!) #)&"!,!"),(!','!(!')'!,'()%!"!,),&"!"$), $,('&(')&, )&,!,,&%)!,%!!,! !'!,)" !')&,
"!,(&,(!',,')!', )$&,)",&,,%! ', $,$!,!,()"!,%!, )&,-876548325107/7.05.3-5/,(!',-
!%!'!,)!%)!"!,,&"!"$&,%),)"!'! !,
-, !',!%!'!,,!' )&"!,&")"!,%), $! ,'$'),!,&" $'!,&, ')'!,%,$", &,()",),! ),
$ ))),%),$!,!, !"!"#!,!!"!,$))##,), ,)"%
,
"
-, !', (('& &"%)'!, , )"&, !"!"#, $))##, ),  , )"%, ')(&'&, "&, ), ! '!), (!', !'!, -
! &,,! &,&(!&,!,'!,"&'!,&!!,),')&),!%,(('& &"%)!"),!, ,

,8.&05,.10/70&/5,4101,)&5#585,4181,*3685,3##103/5,38,45/1,1,3,1)"&87,.%7,81,.1"$)70*101>
>
%%#  !"%# ##
  
           
+70/-,-,+/3/1,(,0-, , ,+,
, ,
((),!,&"'),($)),-, !',!&"&)!"!,(),")& ,-,$#)&"!,%!!,& !'!,-,
" !')!"&, %), !!!"), !&"&)), "!, & !', !"), -,  $ )&"!, %, ', -, ')")()&, %),
!('#)&"!,',& !',!"),!%,& !',!&"&),-,&"%!"&,!, )"),
=<>;:9879;96>59>43;2:219683>0:2>6//3:02>0378972>35>6//3:02>37686.972>-7,3>9.;683>7,3><3>6//3:03>37686.9+
7,3>53**286>:3402:3>43):303>;3:>0(002><2>/243>;:67359.3802<3>98>7(9><2>'6..9449683>76.;93><3>4(3>&2<(+
0219689>4()<9>24;3009>0378979>53<<2>;:6;6402>83)6192<3%>0:23>/6852.3806>52<<$6*93009&6>59>3&902:3>7,3>3<3+
.3809>59>&2<(0219683>59>72:2003:3>2(06.20976>;644286>98/<(3812:3><2>&2<(0219683>53)<9>3<3.3809>5947:3+
19682<9#> "2<3> ;:9879;96> 764090(9473!> 5(8 (3!> ;:349596> 2<<200(219683> 539> ;:9879;9> 59> 9.;2:192<90> 3> *(68>
2852.3806>53<<219683>2..98940:209&2!>;3:>)2:2809:3>9<><9832:3>3><9*3:6>4&6<)9.3806>53<<$903:>7,3>49>768+
7<(53>768>9<>)9(59196>4(<<6//3:02>0378972>3><200:9*(19683>539>;(803))9>29>498)6<9>7:903:9>59>&2<(0219683#>'9>
;6406!><2>7686473812>59>3<3.3809>37686.979>52>;2:03>53<<2>'6..9449683>59>)2:2!>83<<2>/243>53<<2>&2<(02+
19683> 53<<6//3:02> 0378972!> 7,3> ;:37353> (3<<2> 59> &2<(0219683> 53<<6//3:02> 37686.972!> 2;;2:3> 59> ;3:> 4>
956832>2>5303:.982:3>287,3>46<6>98>240:2006>(8>7685919682.3806>53<<6;3:206>53<<2>'6..9449683>.353+
49.2!>2<03:2856>6>;3:<6.386>:947,92856>;6038192<.3803>59>2<03:2:3><2>43:3890>3><9.;2:192<90>53<<2009+
&90>&2<(0209&2>53<<2>'6..9449683>403442#>-=8>2;;<97219683>59>02<3>;:9879;96>>40202>:9038(02><3)9009.2><3+
47<(49683>52<<2>)2:2>;3:><$2//952.3806>98>76873449683!>59>5(:202>0:3803882<3!>59>5(3>/2:.2793>59>;:6;:93+
0>76.(82<3!>53<>76876::3803>7,3>2&3&2>;:34380206>(86//3:02>7680383803><3>98597219689>:3<209&3!>6<0:3>2<>
728683>989192<3!>29>728689>288(9!>/9449>3>&2:92*9<9!>8687,>9>:972&9>3>9>76409!>;3:>.3:79!>;3:4682<3!>43:&919!>
<67219683!>683:9>59>76873449683!>683:9>59&3:49>3>2..6:02.3809>;3:>9>0:3>2889>59>)3409683%#>
=="=>>">
(<>03.2>49>&35286>287,3>'#>0206>  !>8#>
>'#>0206>   !>8#>
>'#>0206>
  !>8#> >'#>0206> 
 !>8#> 
>'#>0206>   !>8#> #>
>
###%  #&&!##
!      $#%
+70/-,!-,3"$3053,+387)01, (,0-,, ,+,
, ,
*585253,7,5""1#585,,#&45,7,)73/5,7*58525,,$7)3,)7385223/3,50,*51)"5/,*3883,+ ,4&,3)73,
*7"305387,,)*507,*5,*7"18525107,, 88765//5"5/-,
6;3:2>:32<911202>98>59//6:.90>52<<2>'=>764090(9473>(8>9<<37906>359<9196>4281968206>(8972.3803>98>
&92>;37(892:92>52<<$2:0#>
!>76..2> !>53<>###>   !>2>86:.2>53<> (2<3><2>:32<911219683>59>98+

122
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 123

BLT 2.2020 – RUBRICHE

>=<;=:>98=7969598798439826612<>08//.8-0,0+08*)('/((&.84%$$98&8=8/.89:82##=:5287=6628%89:879""%<$9>!8726628
#=:26259%:=84=<>9"942>287989:959%82>>9;9>!84%$%<>28628#2:59%:=8=43:92<9282<982687%9%87=66123$=:
>%87=68;26%<=8;=:26=87=6619$$%96=84%:#=3=:>=826628<=26955259%:=87=6989:>=<;=:>98#>=##98=84%$3:3=8
9:8$9#3<28:%:89:"=<9%<=828&8=3<%08,=<>2:>%.82:4=8:=6842#%879862;%<98=#=39>98#383:12<=287=$2:926=.8
8 9:2694296=8 628 $9#3<28 <=<=##9;%<9<9#>9:2>%<928 <=;9#>28 726612<>08 *8 7=68 $=7=#9$%8 -0,0+08
*)('/((&84=84%$$9:286287=$%6959%:=84%:8<9<9#>9:%869$9>2>2$=:>=826989:>=<;=:>98=#=39>989:82##=:528
798=<$=##%87984%#><39<=.8%;;=<%89:8>%>26=8%82<5926=879""%<$9>!87268$=7=#9$%.8%;;=<%89:82##=:5287=6628
#3=<8=82<>08/*.8-0,0+08*)('/((&.84%$$28(&.8%89:8>%>26=8%82<5926=879""%<$9>!8726628#>=##208
8
 

 
(! $$!&$$)(!"!   

 $$$''$!$$'('$''"$' $$$'('#"'#"$' $'$!!' $$$!'('$$!' '"$$!' $'
$$$ '(' $$$ '('
!"$!' '$$!'!'('$! '
684=<>9"942>%879829969>!838<932<72<=8=#463#9;2$=:>=86=8%=<=86=9>>9$=828%<99:=8%8=<89:>=<;=:3>28
#2:2>%<9208=87=<9;28619$%##9969>!87282<>=87=661$$9:9#><259%:=8798244%69=<=8628<=62>9;28<949=#>289:8
<=#=:5287984%:#9#>=:5=8:%:82##=:>9>=.8: 86=9>>9$2>=8728#=49"9498>9>%698=7969598=83<2:9#>94908 789:"2>>98612
9969>!838=##=<=8:=2>28:%:8#%6%89:842#%8798$2:42:5287=66=84%:7959%:9899=:94=.8$282:4=89:842#%8798
4%:><2#>%84%:8698#><3$=:>983<2:9#>9498%84%:8968>9>%6%8=796959%08:%6><=.8628$2:42:5287=68<=#3%#>%87=6628
6=9>>9$9>!87=66
9:>=<%89$$%96=8#%>>%8968<%"96%83<2:9#>94%8=78=796959%8=#4637=826><=# 8628%##9969>!8798<9
>=:=<=8"%<$2>%8968#96=:59%82##=:#%8#366
9#>2:5286=89%>=#98798#96=:59%82##=:#%.8;26=82879<=8798<%;;=79$=:
>%89$6949>%8"2;%<=;%6=8#383:
9#>2:5287982<>=.8:%:8#98#%>><2%:%826628<=4%:7959%:=87=6628#3##9#>=:528798
>3>>9898<=#3%#>98=<4 8%##28=##=<=8=$2:2>%83:8<%;;=79$=:>%8"2;%<=;%6=8=#<=##%08
8
 

 
(! $%%&!  

 $$$''$!$$'('!#" $'$!$$"'('!"!'#"$$"' $' $'('"!$'
' ' ' !$!' (' ' $!"$!' ' #"!$'  $!"' (' !' ('
$!' $'$ #$!' '!#"!"'('$$$$ '
:8>=$28798<=69$9:2<=8798;=:79>2.8628<%;=:9=:5287=68=:=87287%:259%:=.82:4=8#=8:%:84%$%<>28=<8
# 8#>=##283:8=<94%6%84%:4<=>%8=82>>326=8798=<79>287=68=:=.8>26=87282969>2<=8968<%$9##2<9%82782;;2
6=<#987=68<9$=79%87=6612<>08&)&84040.884%$3:3=849<4%#>2:5289:"63=:>=8#36628#943<=552.8628#>2969>!8=86=8
%>=:59269>!87=6612439#>%8<%<2$$2>%84%:8968<=69$9:2<=08:832:>%8>26=8=##28:%:838=##=<=8>2493>28
7268<%$9>>=:>=8;=:79>%<=.8=:28628%##9969>!84=8968<%$9##2<9%82439<=:>=.89:2<%87=6628<%;=:9=:
52.8%##28<9"93>2<=8628#>936287=684%:><2>>%87="9:9>9;%.82;;26=:7%#987=68<9$=79%8=:=<26=87=6612<>08&(8
4040.8#=8:=8<94%<<%:%8698=#><=$908
8


 
    
(!  $ "!   
 
 $$$''"$$'('"!' $'!"$"'('!"$!' $'!"$!'('!#!'' '
!'"''!!' $'!"$!'('!''$$$'('!$$!'('
$#$ '
2879#%#959%:=879843982684%$$28/87=66
2<>08&87=68-0,0+08*)('/((&88%;=88#>2969>%84=86283%>28798
4%:><93>%87984%#><359%:=8<=62>9;282698%:=<987983<2:955259%:=884%<<9#%#>28268%$3:=826612>>%87=68
<962#49%87=68=<$=##%87984%#><39<=.8=84=828#4%$3>%8>%>26=8%82<5926=87=66283%>287%;3>2.8968>9>%62<=8
7=68=<$=##%838%692<#9828<=269552<=879<=>>2$=:>=86=8%=<=87983<2:955259%:=.84%:86=8$%7269>!8=8
6=82<2:59=8#>2969>=87268%$3:=8=84%:#=3=:>=82439#959%:=87=66=8%=<=8<=269552>=82682><9$%:9%87=68
%$3:=8#>=##%88#98<9"=<9#4=8298#%698%:=<987983<2:955259%:=.8=8:%:8389:>=<<=>2<#984%$=8<9"=<996=8
2:4=8266%8#4%$3>%87=66283%>28<=62>9;282684%#>%87984%#><359%:=082879#%#959%:=89:8=#2$=8289:"2>>98
:2>3<28 7=<%2>%<928 <9#=>>%8 28 32:>%8 <=;9#>%8 7268 4%$$28 &8 7=68 $=:59%:2>%8 2<>08 &8 7=68 -0,0+08
*)('/((&.8%;=88#>2969>%84=8968<962#49%87=68=<$=##%87984%#><39<=84%$%<>286284%<<=#%:#9%:=87983:8
4%:><93>%8 4%$$9#3<2>%8 266
9:497=:528 7=698 %:=<98 798 3<2:955259%:=8 :%:4 8 268 4%#>%8 798 4%#><359%:=08

=#<=##9%:=84%<<=#%:#9%:=8<9$2:7284%:8%:98=;97=:528283:2879$=:#9%:=8$%:=>2<9287=6822
$=:>%.84=87=68<=#>%84%#>9>39#4=86
%<79:2<928"%<$28798<9#4%##9%:=87=66=8=:><2>=87=66%8>2>%8=87=698=:>98
36949.8=8=<>2:>%862879#%#959%:=89:84%$$=:>%87=69:=283:
=44=59%:=826628<=36283<9#8=:=<26=8=<8
4398987=9>98><93>2<9.8%84%$3:3=8<=%62>98728:%<$=879879<9>>%83694%.8#98=#>9:3%:%84%:83:822
$=:>%89:8$%:=>289:8<29%:=8798>26=8:2>3<28=44=59%:26=.862879#%#959%:=8:%:882694296=8%6><=89842#98

123
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 124

BLT 2.2020 – RUBRICHE

32101/3.-010,13++*1-)3(0+/0'1&0*%%$#1,!,1)0 3//31,#1(30%!*1,1-)0,%0-0!1&3,3)*3'1.*1*1%!,/)*)0!1(01
23)!&*13*1 *//0+-3%031*1%!)/31$*1)0%!,!+%0/!131)*&0!,01231!.,310,1,1%*+!10,1%01*1%!,(3,
0!,31*%%3++!)0*1*1,1-3).3++!1201%!+/)0)31+/*00(*1*1-!++000/1201)3*0*)31!-3)31201)*,0*
0!,31*1+%!.-/!12301+!01!,3)01201)*,0*0!,3'1.*1-!010,20(02*(*10.-!)/!1+%!.-/*031,3*1
+!..*1201!,3)01201)*,0*0!,3131%!+/!1201%!+/)0!,31
1
!       
)"!!%!#" 
 
"&& &))&#&&)*)&& &#)$$&$)$&#&)*)&)&#&) )*) &&&&) *)
&&#) "&) !#$&  &#) *) $!%%#&) *) &)  &#&) *) $) %&
&#) "&) #& &#) *)
&)
3%!,2!1*)/1123*11   '1,1
'1&010,/3)(3,/01(!/01*2130.0,*)3131*))03)31*)%$0/3//!,0%$31
-)3(0+/012**)/1 123*11   '1,1
'1!((3)!1301(!/01*1.0&0!)*)3131%!,200!,01201(0/*12331
-3)+!,31+(*,/*&&0*/3'1+01-!++!,!13 3//*)31*,%$31+13,01+!//!-!+/01*1(0,%!!1%!.313,01%/)*0'131*1
)3*/0(*1*/!)0*0!,31-13++3)31,3&*/*1+!!1!(31,!,1+0*1-!++0031)3*0*)3131!-3)31+3,*1+3)0!1-)3
&0200!12313,31//3*/!1120,03&!123(313++3)31.!/0(*/!1%!,1*1+-3%0 0%*0!,3123*1,*/)*13123*1+3
)03/1231-)3&0200!'123*1+*1)03(*,*10,1)*--!)/!1*1%!.-3++!10,1%01!-3)*1+01%!!%*131%!,1)0 3)0
.3,/!1 *1 ///31 31 */3),*/0(31 3(3,/*.3,/31 -)!+-3//*/31 2*0,/3)3++*/!1 01 1 0,1 /*1 .!2!1 0,/)!2!//!1
,3!)20,*.3,/!'10,1!)20,31*01-3%0*)01(*!)01-)3+020*/012**13&&310,13+*.31,1!,3)31201.!/0(*0!,31
-*)/0%!*).3,/310,/3,+!'131%010,1*,/!10,/3)3++31**1-)!/30!,3123*1-3)+!,*1+(*,/*&&0*/*1-1+!%
%!.3)31201 )!,/31**1//3*1231-*/)0.!,0!1*)/0+/0%!1+!/*,/!10,1%*+013%%30!,*01
*/)!1%!,2!.0,!'1/)*//*,2!+01201(00!1%$310,3)0+%31**/)01+ 3)*1&0)020%*1
1

! !
  
)"!% )"  
  
%%&))#$&)%!&&)*)"#)%$))#&)" $#)"&)#$##)"&)!)#&)&)#!)*)
!#) #%#) ") %$#
&#&) #&#) *) 
&& &#) *) $#) "!&) *)
'&
$&#)&)%$$&)"&))*) &)*)$#&&)*)&&&)
31-0%$31*..0,0+/)*0!,0'1,3* 02*.3,/!12301+3)(001201!-3)*1-)! 3++0!,*31+!,!1/3,/31*1%!))0
+-!,23)31,1%!.-3,+!1%!,&)!13213!'1!((3)!1-)!-!)0!,*/!1**1*,/0/131**1*0/1231*(!)!1
+(!/!'1,!,%$#1*1%!,/3,/!131*31%*)*//3)0+/0%$3123*1-)3+/*0!,311 0,31201*%%3)/*)3130/1231
%!.-3,+!'1!%%!))31 *)1)0 3)0.3,/!1*01-*)*.3/)01+/*00/012*01+0,&!0123%)3/01.0,0+/3)0*01-3)1%0*+%,*1
%*/3&!)0*1201-)! 3++0!,0+/01%$31,!,1-!++!,!13++3)31%!,+023)*/01**1+/)3&*1201.0,0.01/*)0 *)010,23)!
&*001-3,*1*1+))3//00*10,/)!20!,31201/*)0 31!0&*/!)031 0++31!1.0,0.31-3)131*//0(0/1-)! 3++0!
,*01310,/33//*0'1!).*01*!0/3'1.*1%!+/0/0+%!,!1,1%)0/3)0!1!)03,/*/0(!1-3)1*123/3).0,*0!,31231
%!.-3,+!1,1*/)01/3).0,0'1,!,113+%+*'10,1(0*1201-)0,%0-0!'1*1-!++000/1%$3131-*)/01-*//0+%*,!1
03)*.3,/3101%!.-3,+!1*,%$310,123)!&*1*01-*)*.3/)01201002*0!,310,20%*/01,301%0/*/0123%)3/01.0,0
+/3)0*0'1///*(0*'1*,2!101%03,/311,1%!,/)*3,/31 !)/31%!.31*1-0%*1*..0,0+/)*0!,3'1*1-*//0
0!,31231%!.-3,+!1-)! 3++0!,*310,%!,/)*1010.0/31231)0+-3//!1231-)0,%0-0!1233!1%!.-3,+!1%!
.31+!-)*123 0,0/!'1%$31(*1*).!,0*/!1%!,1313+0&3,31201)0300)0!1 0,*,0*)0!131,!,1)3%323)31)0
+-3//!1*213++3131%*+!1201+-3%0311+/*/*1)0/3,/*103&0//0.*1*1%*+!*123*((0+!1-0%!1%$3123
/3).0,*(*1,1%!.-3,+!1*,,!1201 13)!12*1%!))0+-!,23)31*1-)! 3++0!,0+/*'10,1*,/!1/*31%!))0
+-3//0(!1)0+/*(*1.!/!10, 3)0!)31*01-*)*.3/)01201002*0!,31-)3(0+/012*11201)0 3)0.3,/!1
1
  
)"!%&&)""   
 
"&& &) ") &#&&) *) '%#&&) %) ") "&$#$) "&) #$&) *) $) "&) &&$)
!! &#)")#%$)*)!& )*) )")&$)*)$$& )
120)3//!)312301*(!)011)3+-!,+*031*1/0/!!1201%!-*1231%)!!1201%!+/)0!,01*,%$31,30-!/3+01201
+*1*++3,*12*1%*,/03)3'12!(3,2!13&013+3)%0/*)31,!%*/*1*//0(0/1201(0&0*,*1+*1)3&!*)313+3
%0!,312331!-3)3132000313210,1%*+!1201,3%3++0/1*2!//*)3131,3%3++*)031-)3%*0!,012!)20,31/3%,0
%!'1 !((3)!1 +%0,23)31 0..320*/*.3,/31 *1 -)!-)0*1 -!+00!,31 201 &*)*,0*1 2*1 3*1 23*++,/!)31 2301
*(!)0'1)0,,%0*,2!1*0,%*)0%!1)0%3(/!1

124
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 125

BLT 2.2020 – SISMABONUS

.-,+*+/

#"#! # ##"" ""#"#"#!"


#"" "  # "
-)('&)/%$#".&$/!)-/$&/#$# .'#/8::356/26/#876437/:/437/
87222658438/ .9:4;658438/ 6;8168;8/ 6;/  ,+/ 6;/ +,,  , /
.9:4;658438/6;8168;8/6;/,, , /6;/+,,   ,/#876437/:/832::328/
8/ :4;85843:/ :/ 814725843:/ #876437/ :/ 848;8/ :1:/ :;;:/ 8:7:/
.1
8724/ 8:226:32:/ 6;; 8:76/ 8/ 167:/ 632878781:/ $32::328/ 836;855628/
14398326:32:/ 6;;6/ 85843:/ :;/ 87184/ 787814/ :/ 6;;6/ 8
6;88165843:/
:3:9:2816/ ";68;82/ 143/ 6;2:/ 69:4;658438/ ":77843:/ :;/ 1:824/ 4/ 714324/
68/438248/(86/:;; .9:3586/:3262:/7;/#876437//"&.##$%$".$')/
)/ .)#.$')/ $/ -$#"$'/ #$# $"'/ )(&$/ )$%$"$/ $;/ :1:24/
83872:86;:/143/;:/;83::/986/!4:778438728/68;82628//";67788165843:/:;/87184/
7878140/



 
  

<
<
"# ""#"#! #


#    


  
;:9876<54<321<06;6</.-/4-,/5+*<)6<4+<('&)%287$7&<$)<12##2<39119<;6</+-/"-,/5+*<)6<!/ <82%232<19<
&$$1$7<3$<8$82<32119<32789$&)2<3911:$&79<1<8233$7&<5<321</<32112<22<&
72)72<391<,4-/4-,/5,<$)&<91<+5-5,-,/,/<,<28<19<8291$9$&)2<32#1$<$)728%2)7$<3$<82'28&<
321<978$&)$&<23$1$$&<$)3$'97$<3911:9876<54<321<0666<!5 -5!"4*<'&9<5<('636< 
 6<
;9<32789$&)2< <8$987$79<$)<5/<&72<9))91$<'&79)7$<2<3$<98$<$&87&*<)211:9))&<3$<&72)$2)7&<
32112<22<2<$)<211$<''2$%$*<$)&<93<)<7277&<9$&<3$<29<98$<9<!46///<8&<28<)$7<
$&$1$982*< 2< $)3$< $)&< 93< )9< 32789$&)2< 9$9< 3$< ."6///< 8&< (/< 32119< 29 *< '&)<
'&)2#2)72<9$&<8$98$&<3$<$&79<98$<9<.6"//<8&<911:9))&6<
<
89<27$<$)728%2)7$<&)&<'&82$<9)'2<(9876<54<321<0666<!5 -5!"4<'$797&*<'&9<5*<127
7289<  *< 211$<     
      
    
 
  
 
    
    
    
  
 
   

 
 
     
  
 

 6<
;2<9#2%&19$&)$<28<1:93&$&)2<3$<$82<9)7$$$'2<2<28<#1$<$)728%2)7$<3$<29<$)<$'829<
797$'9<<'&)22)72<32)&$)972<  <<2#&)&<12<82#&12<79$1$72<39$<'&$<39<5
<9<5 <3211:9876<54<321<06;6</.-/4-,/5+*<)6<4+*<$)<9872<3$282)7$<39<2112<91$'9$1$<28<
7772<12<91782<'972#&8$2<3$<$)728%2)7$<3$<82'28&<9#2%&19$1$6<
$<'&7$7$'&)&<7779%$9<)9<32'1$)9$&)2<32119<$<9$9<'972#&8$9<32112<9#2%&19$&)$<28<#1$<
$)728%2)7$<3$<82'28&<321<978$&)$&<23$1$$&*<19<'$<)&89<3$<8$28$2)7&< <$1<'$797&<9876<54<
321<0666<!5 -5!"4*<2<)&)<89822)79)&<)9<$89<9<<79)72*<'&2<$<%&172<'$98$7&<9)'2<
3911:#2)$9<32112<2)78972<$)<3&'2)7$<3$<89$6<
2<2#2<'2<2%2)791$<3$$'&17<$)72882797$%2<2<'9$<3$<%9))&<8$&17$<9119<1'2<32112<#2)2891$<
82#&12<3277972<12<9#2%&19$&)$<#1$<$)728%2)7$<3$<82'28&6<
<

125
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 126

BLT 2.2020 – SISMABONUS

   
    
<;:=987=765;:4;657=:7;65:3657=6;8=27103/.6-1=,=1;=;1;9-757=1-=;+7*7)7=-/7)357=6;88;=(.6;=17107)';=&=.=
%=$#"! =3+7/757=3+=3/753(7.6;=:76)738;=.=3+=3557475=:.+-5574;=,=78=).003=&,=+;883:5=&=+;8=
=!%&!=:;4;+;43=6;8=;:7.+.=76=.99;55.=)';=83=+;5:3(7.6;=+;88;=1;1;=1.15;6-5;=4;6711;=
:73:5753=76==).153657=;=+7=3:7=70.:5.=36(7)'=76=&=3667=).0;=;:=5-557=987=385:7=
765;:4;657=+7=:;)-;:.=+;8=35:70.67.=;+787(7.=6;88366.=+7=1.15;670;65.=+;88;=1;1;=;=76=-;887=
1-));11747=
3=+;5:3(7.6;=;:3=*711353=38= =).6=+71.17(7.6;=4387+3=;:=8;=1;1;=1.15;6-5;=;=8;=:.);+-:;=
3-5.:7((3574;=767(735;=   
   =+353=+7=;65:353=76=479.:;=+;883==!%&!=6=
=+7=).64;:17.6;=+;8==!%&!=)';= =15353=:.:.9353=+7=366.=76=366.=*76.=388;=1;1;=1.15;,
6-5;=*76.=38=!&&%%&=
=
27=:7.:53=+7=1;9-75.=-6=:7;78.9.=+;88;=:;9.8;=+7=/31;=;:=83=*:-7(7.6;=+;8=27103/.6-1=4387+;=+38=
 %&!=38=!&&%%&=
=
 
 
 $#)"*+*!2 2/)(2)&11#2 &)1*0)#*)(1*(*)(/(%*+-%*)+*#)1*02/./).&#))&#))

  ).*##*)(1*(*)(/(%*+-%*)1*0)#*)(1*(*)(/(%*+-%*)*)#*)10/ *.-0*)&-%/02,,&%2'*)2+2,2&%*)&)

 1&0%20*).&#))

  ) -/%*) &++-&#2) .2) 1&02) 21/0%/) &+,2 ) ) /*) 1*0) %-%%2) #2) &#%02) 2+%*0'*+%2) .2) 0* -1*0/)

 .*#)1&%02/+2/)*.2#2,2/ )
   *%%/) &((2/) .*##*) (1*(*) (-) -2) &# /#&0*) #&) .*%0&,2/+*) &) )
-0/) 1*0) -+2% )
 2/"2#2&0*) /002(1/+.*+%*)-2+.2)&)-+&).*%0&,2/+*)&((2&).2))
-0/)
 
*'/#&,2/+*)&11#2 &"2#*)1*0)#2)*.2!2 2)-"2 &%2)+*##*),/+*)(2(2 *))/)))(2)'*.&)#&)
 
02(/0(&)/+#2+*)3 )&.2"2%2)&.)&"2%&,2/+*)102+ 21&#*)/)&.)&%%2'2% )10/.-%%2'*))
  
=
=3:57:;=+38=&&%&
=8;=:;9.8;=;:=83=*:-7(7.6;=+;883=+;5:3(7.6;=+;88;=1;1;=1.15;6-5;=;:=987=
765;:4;657= 76= -;157.6;= 1.6.= 1535;= 0.+7*7)35;= +-6-;= -365.= 4;::= 788-15:35.= 6;8= 1;9-75.= 1;553=
;:=8;=1;1;=1.15;6-5;=+38=&&%&
=38=!&&%%%&=:;83574;=3=765;:4;657=8;=)-7=:.);+-5;=3-5.,
:7((35.:7;=1736.=767(735;=+..=78=&&%&
=
=
   
    
 

.6=83:5=&=+;883==&&&%%&=).003=%=8;55;:3==66==;==,=)';='3=1.1575-75.=78=).003=&,
=;+=765:.+.55.=7=6-.47=).007=+3=&, =3=&, =+;883:5=&=+;8==!%&!=,=1.6.=15357=:747,
157=:70.+-8357=;+=3087357=7=/;6;*7)7=*71)387=76=-;157.6;=;:=8;=1;1;=1.15;6-5;=6;8=;:7.+.=+38=
&&%&
=38=!&&%%%&=76=:;83(7.6;=3+=765;:4;657=8;=)-7=:.);+-:;=3-5.:7((35.:7;=1736.=767(735;=
+..=78=&&%&
=+353=+7=;65:353=76=479.:;=+;883==%!%%&=
= :..175.= +;883=

 
 
    = 8 9;6(73= +;88;= ;65:35;= ).6=
65;:;88.=%&%&=6= !&=$ 
 
 

   
 ='3=)'73:75.=)';=76=)31.=+7=
:7)'7;15;=+7=575.8.=3/78753574.=;+787(7.=76=43:7365;=.)).::;=*3:;=:7*;:70;65.=).0-6-;=3883=+353=.:7,
9763:73=+7=767(7.=+;8=:.);+70;65.=3=0;6.=)';=6.6=:71-857=-6=+.)-0;65.=+;88**7)7.=5;)67).=+;8=
.0-6;=)';=355;157=-63=+74;:13=;=1-));11743=:71;55.=388.:79763:7.=575.8.=3/78753574.=-:/367157).=
+353=+7=767(7.=+7=-6=6-.4.=:.);+70;65.=3-5.:7((35.:7.=
<;:5365.= 36)';= 76= )31.= +7= 43:73657= 3= :.);+70;657= 3-5.:7((35.:7= 767(7357= 76= +353= 365;);+;65;= 38=
&&%&
=78=27103/.6-1=6.6=-=;11;:;=*:-75.=1;=6.6=6;883=1-3=4;:17.6;=7=
 =387,
)3/78;=76=:;);+;6(3=
=
27=:7.:53=+7=1;9-75.=-6=:7;78.9.=+;88;=:;9.8;=+7=/31;=;:=83=*:-7(7.6;=+;8=27103/.6-1=4387+;=3=
3:57:;=+38=&&%&
=

126
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 127

BLT 2.2020 – SISMABONUS


=
,+1*232):(:710:1.99+:(.19281+21092021070-235-2132+1928:76716.+1'&%'&%$'&#1.+1"&%&$%$'$&1:31

82+.4:7321.61:3-28/23-:1+21(5:1987(265821.5-78:44.-78:210:.371:3:4:.-2167971:+1'&%'&%$'&#!1
28(23-5.+216:162-8.4:73216:1*.0219.8:1.+1'162++21092021070-235-2!1
   .1928(23-5.+216:162-8.4:7321951.523-.821):371.+1#'1#1'171162++21092021:31
 9820234.1 6:1 9.8-:(7+.8:1 (736:4:73:1 (73(28323-:1 +.1 (+.00:):(.4:7321 62+1 8:0(:71 0:0:(71
(28-:):(.-.1.617928.16:1531987)200:73:0-.1.*:+:-.-710:1/26.19:1./.3-:!1
   1 57-21 .335.+:1 6:1 9.8:1 :978-71 .34:(1 &'1 (721 9281 -5--:1 +:1 .+-8:1 :3-28/23-:1 6:1 82(592871
 62+19.-8:73:7126:+:4:7!1
2--71 .00:71 62++21 092021 051 (5:1 (.+(7+.821 +.1 62-8.4:7321 .1  !'''1 5871 9281 53:- 1
:7*:+:.8219281(:.0(531.3371
1(788:0973623-215:36:1.153.162-8.4:7321/.8:.*:+21-8.1
!'''1 5871 5.3671 /:2321 .99+:(.-.1 +.1 928(23-5.+21 62+1 '1 21 &! ''1 5871 5.3671


/:2321.99+:(.-.1+.1928(23-5.+2162++!1
 
,+1-2--71.00:7162++21092021051(5:1(.+(7+.821+.162-8.4:73219512002821.523-.-71:31(.071
6:1:3-28/23-:12025:-:10519.8-:1(753:16:1%$#"#!# !$###1.1  ##!
% # % $%% # ####162++26:):(:71(7367:3:.+2!1
 2/7+.4:7321.99+:(.*:+219281+:126:):(:15*:(.-:132++21473210:0:(21&1$171"1
"10:1/26.1
  +.1 8:0780.1 73+:321 ;&#1 .6:*:-:1 .61 .*:-.4:7321 3731 32(200.8:.23-21 .*:-.4:7321
 98:3(:9.+21(72132++.1/280:7321/:23-21):371.+1"&%&$%$'& 171.61.--:/:- 198765--:/21
!1
=
<;= :98;;= 76954= 3;2= :4= 1:4009/914.9-8;= 59= 2901,9-= 090+91-= 5;::;= 1-0*26.9-89= ;= :;= +-54:9*)= 3;2=
:'4**;0*4.9-8;&=54=342*;=59=32-/;009-890*9=4%9:9*4*9&=5;::';//914194=5;7:9=98*;2$;8*9=;//;**64*9=0-8-=0*4#
*;=0*4%9:9*;=54:=    
 &=1-8=:;=+-59/91,;=98=0;769*-=
98*2-5-**;=54:="!= 98!=8/240*26**62;=;=2403!=&=8!==;=3-9=54:="!= 98!=8/240*26**62;=;=
2403!=&=8!=!=
<;=3;21;8*64:9=59=5;*24.9-8;=+4779-24*4=09=433:9148-=8;9=0;76;8*9=1409=
=
 
   


5.+78.1628:/:153.18:654:732162+18:0(:710:0:(71(2162-28:3:1:+19.00.:71.61 !%

$# #!# #"%#%1:31*.021.++.1(+.00:):(.4:7321982/:0-.16.+1!!1$%'$%$'&#13!1!1
5.+78.1628:/:153.18:654:732162+18:0(:710:0:(71(2162-28:3:1:+19.00.:71.1$% !# $#

#!# #"%##1:31*.021.++.1(+.00:):(.4:7321982/:0-.16.+1!!1$%'$%$'&#13!1!1
5.+78.1+:1:3-28/23-:10:.3712025:-:1051# !# $# %$#"#!# !$###121628:/:153.1
 8:654:732162+18:0(:710:0:(71(2162-28:3:1:+19.00.:71.61 !% $# #!# #"%#%1
:31*.021.++.1(+.00:):(.4:7321982/:0-.16.+1!!1$%'$%$'&#13!1!1
5.+78.1+:1:3-28/23-:10:.3712025:-:1051# !# $# %$#"#!# !$###121628:/:153.1
 8:654:732162+18:0(:710:0:(71(2162-28:3:1:+19.00.:71.1$% !# $# #!# #"%##1:31
*.021.++.1(+.00:):(.4:7321982/:0-.16.+1!!1$%'$%$'&#13!1!1
=
=;$95;8*;=1-+;=:4=32;$909-8;=59=*4:9=3;21;8*64:9=+4779-24*;&=689*4+;8*;=4::';:;$4*-=:9+9*;=+40#
09+-=59=03;04=32;$90*-=0-324**6**-=3;2=7:9=98*;2$;8*9=06=342*9=1-+689=59=;59/919=1-85-+9894:9&=2;8#
54=:4=+90624=;0*2;+4+;8*;=433;*9%9:;!=
9=3;809=4=*9*-:-=59=;0;+39-=45=68=1-85-+989-=1-+3-0*-=54==689*)=9++-%9:9429&=1,;=3-*2;%%;=
03;85;2;=/98-=4=!=62-= == =!!=62-&=3-*;85-=29;8*242;=98==4889= 04:$4=:4=3-009%9#
:;= 1;009-8;= 5;:= 12;59*-= 59= 169= 09= 592)= 39
= 4$48*9= 59= 684= 0-++4= /98-= 4= != 62-= = 59=
!!=62-!=
=

:=90+4%-860=8-8=1-8*;+3:4=03;19/91,;=*93-:-79;=59=98*;2$;8*9=1,;=5;$-8-=;00;2;=;0;769*9&=+4=09=
%404=;00;8.94:+;8*;=06:=1-80;769+;8*-=5;:=2906:*4*-&=19-=9:=+97:9-24+;8*-=5;::4=1:400;=59=2901,9-=
090+91-=98=%40;=4:="! != &=1;2*9/914*4=54=*;1891-=4=19=4%9:9*4*-!=
6**4$94&=3-91,=1-+;=09==5;**-=9:=90+4%-860=1-0*9*6901;=684==5;::;=39
=7;8;24:9=
47;$-:4.9-89=3;2=7:9=98*;2$;8*9=59=2;163;2-=5;:=34*29+-89-=;59:9.9-&=54:=368*-=59=$90*4=62%4890*91-#

127
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 128

BLT 2.2020 – SISMABONUS

A@?>?=?<B>;?:9A87A:9<B@<786B?:321@8180?B981B32A09?B2>9?/?.B@<786BA00A8AB-?<,B2:B?:9A87A:9<B@?B/1:2+
9A:=?<:AB<8@?:18?1B*0<><B0ABA0A)2?9<B02B(189?B-</2:?B@?BA@?'?-?&.B<B2:B?:9A87A:9<B@?B/1:29A:=?<:AB
0981<8@?:18?1.B<B2:B?:9A87A:9<B@?B8A09128<BAB8?01:1/A:9<B-<:0A8719?7<B<B2:B?:9A87A:9<B@?B8?0982992+
81=?<:AB A@?>?=?1.B 8?0(A99?71/A:9AB @A'?:?9?B @1>>AB >A99A8AB .B .B B AB .B @A>B -<//1B %.B 189$B #B @A>B
"$!$ $B#%$B
>?B?:9A87A:9?B
+B @A7<:<B A00A8AB 8A1>?==19?B 02>>AB (189?B 098299281>?B @A)>?B A@?'?-?B <B -</(>A00?B @?B A@?'?-?B -<>>A)19?B
098299281>/A:9AB
+B@A7<:<B-<?:7<>)A8AB?:9A8?BA@?'?-?B
+B<7AB8?)218@?:<B?B-A:98?B09<8?-?.B@A7<:<B-</2:32ABA00A8ABA0A)2?9?B02>>1B10AB@?B(8<)A99?B2:?91+
8?.BAB:<:B02B0?:)<>AB2:?96B?//<?>?18?B
+B-</(8A:@<:<B1:-AB?:9A87A:9?B@?B@A/<>?=?<:ABAB8?-<0982=?<:AB*<B8?-<0982=?<:AB1B0A)2?9<B@?B
-8<>><&.B (28-B ?:321@81?>?B :A>>1B -19A)<8?1B @A>>1B 
 B *(A8B @A991)>?B 0?B
7A@1B(?B171:9?B?>B(181)81'<B@A@?-19<B1B32A091B9?(<><)?1B@?B?:9A87A:9?&$B
<:<B1)A7<>1?>?B1:-AB>AB0(A0AB(A8B>1B8A@1=?<:AB@A>>1B@<-2/A:91=?<:AB<>?)19<8?1B1991B1B-</+
(8<718AB>1B0?-28A==1B0919?-1B@A>>;A@?'?-?<B<B@A>B-</(>A00<B@?BA@?'?-?B*-<>>12@<B0919?-<&BAB>AB0(A0AB
(A8B>1B8A1>?==1=?<:AB@A)>?B?:9A87A:9?B:A-A0018?B1>B8?>10-?<B@?B91>AB@<-2/A:91=?<:A$B
B
21:9<B1>>AB1>98AB-<:@?=?<:?BAB/<@1>?96B(8<-A@281>?B(A8B>1B'82?=?<:AB@A>BA:A'?-?<B'?0-1>A.B8A091:<B
?:718?19AB32A>>AB<8@?:18?1/A:9AB(8A7?09AB(A8B)>?B?:9A87A:9?B@?B8?098299281=?<:AB@A>B(198?/<:?<BA@?>?+
=?<$B
B
:B-10<B@?B/1:-191B100A7A81=?<:A.B8A091B'A8/1B>1B(<00??>?96B@?B1771>A80?B@A>>;1)A7<>1=?<:AB 
B1?B0A:0?B@A>>;189$B% +B@A>B"$!$ $B % %  .B-<//1B%.B>A99A81B.B202'82A:@<B@A>>1B@A981+
=?<:AB@A>B
 B@A>>1B0(A01B@1B8?(189?8AB?:B%B32<9AB1::21>?B@?B(18?B?/(<89<$B
B
 


21:9<B1?B0<))A99?B-AB(<00<:<BA00A8AB1//A00?B1B'82?8AB@A>>AB1)A7<>1=?<:?.B>;1/?9<B1((>?-19?7<B
@A>B?0/1<:20B,B(?B1/(?<B@?B32A>><B@A>B0A/(>?-AB<:20B8?098299281=?<:?.B@1>B/</A:9<B-AB@?B
32A09;2>9?/<B(<00<:<B202'82?8AB0<><BB?B-<:98?2A:9?B100<))A9919?B1>>;/(<091B02>B8A@@?9<B@A>>AB(A8+
0<:AB'?0?-AB* !&.B8A0?@A:9?B<B/A:<B:A>B9A88?9<8?<B@A>><B919<.B/A:98AB@A>B?0/1<:20B(<00<:<B
202'82?8AB1:-AB?B0<))A99?B(100?7?B B*?$A$.B>AB0<-?A96&B-AB0<09A:)<:<B>AB0(A0AB(A8B)>?B?:9A87A:9?B
1)A7<>1?>?.B0AB>AB0(A0AB09A00AB0?1:<B8?/109AB1B><8<B-18?-<.BAB(<00?A@<:<B<B@A9A:)<:<B>?//<?>AB
?:B10AB1B2:B9?9<><B?@<:A<$B
B)?2:91B1>>1B-<:->20?<:AB?:BA01/AB>1B ?0<>2=?<:AB%#%.B:$B.B02>>1B10AB@A>>1B-<:0?@A+
81=?<:AB-AB>AB:<8/AB02>B?0/1<:20B:<:B(<:)<:<B1>-2:B2>9A8?<8AB7?:-<><B@?B:19281B0<))A99?71B
<@B<))A99?71B1>B8?-<:<0-?/A:9<B@A>BA:A'?-?<.BAB-AB(A891:9<B0?B@A7AB8?9A:A8AB-AB>1/?9<B1((>?+
-19?7<B@A>>;1)A7<>1=?<:AB0?1B@1B?:9A:@A80?B?:B0A:0<B1/(?<.B199A0<B-AB>1B:<8/1B?:9A:@AB'17<8?8AB>1B
/A001B?:B0?-28A==1B@A)>?BA@?'?-?B(A8B)181:9?8AB>;?:9A)8?96B@A>>AB(A80<:AB(8?/1B1:-<81B-AB@A>B(1+
98?/<:?<$B
B
     

 
91:9?B>AB/<@?'?-AB:<8/19?7AB?:98<@<99AB@1>>1BA))AB@?B?>1:-?<B%B*189$B%B@A>>1B$B
% .B
-<//1B#.B-AB1B?:0A8?9<B?>B-<//1B%+  B@A>>;189$B% B@A>B"$$B #%#&.B1B(189?8AB@1>B%B?>B
?0/1<:20B,B'82??>AB1:-AB
+B@1)>?B!.B-</2:32AB@A:</?:19?B
+B@1)>?BA:9?B17A:9?B>AB09A00AB'?:1>?96B0<-?1>?B@A?B(8A@A99?B?09?929?.B?09?92?9?B:A>>1B'<8/1B@?B0<-?A96B
-AB8?0(<:@<:<B1?B8A32?0?9?B@A>>1B>A)?0>1=?<:ABA28<(A1B?:B/19A8?1B@?B
 
  BAB-AB
0?1:<B-<09?92?9?B AB<(A81:9?B1>>1B@191B@A>B#%%%#.B(A8B?:9A87A:9?B 8A1>?==19?B 02B ?//<?>?.B @?B
><8<B(8<(8?A96.B<77A8<B)A09?9?B(A8B-<:9<B@A?B-</2:?.B1@??9?B1@BA@?>?=?1B8A0?@A:=?1>AB(2>?-1B
+B@1>>AB-<<(A819?7AB@?B1?91=?<:AB1B(8<(8?A96B?:@?7?01B(A8B?:9A87A:9?B8A1>?==19?B02B?//<?>?B@1>+
>AB09A00AB(<00A@29?BAB100A):19?B?:B)<@?/A:9<B1?B(8<(8?B0<-?$B

128
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 129

BLT 2.2020 – SISMABONUS

<;=:987=;6=543532;13=0/.619459003=-,+*-+)-*('=6&=%(%=$  
    #'=29"
!3683=;0= 709=636=4;9614763=69009=79:307;36;=;6=574307=0;=;6194:961;=991171;=2=;3;0;=98;"
0;;7= 492;896;709=   '= 8921;671;= 700/994967= 7;171;:7'= 03!71;= 7= !76369= !36:96;36713= 7;=
2962;=8900/741&=)=89007=&=%*+*(('=!37=%&=
=

           
 
  
 
  
/7550;!7;369=890=969;!;3=;2!709=;6=!39613=;6=!723=8;=;6194:961;=8;=8930;;369=9=98909=
4;!3214;369==7557427=!39=63=89;=561;=5;=890;!71;=9=!36143:942;=9942;=69007=54;7=729=8;=
7550;!7;369=89009=6349=20=
&=
7= 921;369==21717=4;23017=8700/96;7=89009=9614719'=!36=07=;230;369=),+-+)-*'=6&=%+'=
83!9613=!36=;0= 709==21713=!3694713=!9=0;=;6194:961;=;6= 921;369= 

   '=690=4;259113=8;=1119=09=!368;;36;=549:;219=87007=6347=79:3071;:7'=9=54"
!=!36!491;;63=6=;6194:9613=8;=4;2141147;369=98;0;;7=9=636=6=;6194:9613=8;=63:7=!3214"
;369&=
.0= !;74;9613= 346;13= 8700/96;7= 89009= 9614719= 2;= 3687= 2= 7613= 549!9896199619= 549!;2713=
870= 362;0;3= 2594;349= 89;= 07:34;= 50;!;'= !36= ;0= 74949= 6&= ),+)-*&= 9113= 83!9613= 3:9=
8700/722613= !9= 4;9614763= 147= 0;= ;6194:961;= 8;=


    = 8;= !;= 700/741&= %= 890=
& &&=%-+)--*'=!37=*'=0911947==
"=0;=;6194:961;=8;=8930;;369=9=4;!3214;369=8;=6=98;;!;3=!36=07=219227=:30914;7=8;= 9003=
54992;219619'=7119=270:9=09=2309=;663:7;36;=69!92274;9=594=0/78979613=7007=63471;:7=761;"
2;2;!7=
"=!36=4;94;9613=70;=;3;0;=231135321;=7=:;6!30;=8;=!;=70= &=9&:3=)+)--'=0;=;6194:961;=
8;=8930;;369=9=4;!3214;369=!9=4;25911;63'=30149=!9=07=9892;7=:30914;7'=76!9=07=9"
892;7=2737=8900/98;;!;3=54992;219619&=
<007=729=8;= 7613=23547=;0= 362;0;3=2594;349=89;=07:34;=50;!;=7=794713=!9=0;=;6194"
:961;=8;=8930;;369=9=4;!3214;369=!39=23547=475549296171;'=54391171;=98=929;1;=;6=!3634;"
1=7009=:;961;=6349=19!6;!9=594=09=!3214;36;'=870=5613=8;=:;217=19!6;!3=5322363=!94179619=
4;9614749= 47= 900;= 8;= !;= 700/741&= *" = 890= & &&= (*,+*('= !37= *'= 0911947= '= 49071;:;=
700/783;369=8;=;249=761;2;2;!9'=5319683=4755492961749=67=9;!7!9=214719;7=8;=4;8;369=890=
4;2!;3=2;2;!3=2=67=!3214;369=636=789717=7009=6349=19!6;!9&=$#=
=
  
  
36=;0=2!!922;:3=.619459003=),+*)+)-*'=6&=*%*'=0/96;7=89009=9614719=7=4;!;7713=07=989"
2;7=;619454917;369'=!36=4;94;9613=70=!723=8;=6=;3;09=87=4;!3214;49=!36=709=:309"
14;7=7=14720713=2=67=8;949619=7497=8;=298;9'=;6194:9613=594=;0= 709="=54=9229683=;6 784713=
870=5613=8;=:;217=98;0;;3=!39=


   ="=09=6349=:;961;=549:989:763=07=54929617"
;369=8900/;21767=8;=5949223=8;=!3214;49=$,#&=
=170=543532;13=0/;619459003=;6= 921;369=7=0194;349619=4;78;13= 7613=;=259!;;!713=87007=;23"
0;369=%++)-*'=9=!;3=!9="=943=49217683=!9=07= 70;;!7;369=89009=35949=98;0;;9=259117=;6=
01;7= 7670;2;= 70= 369= 3= 78= 70143= 9619= 1944;134;709'= ;6= 70;1= 8;= 34763= !35919619= ;6= 197= 8;=
!0722;;!7;36;=476;21;!9="=690=!723=54325911713=8;=8930;;369=9=4;!3214;369=8;=6=98;;!;3=!36=
9892;7=:30914;7'=7=;6=67=8;949619=7497=8;=298;9'==5322;;09=4;49=890=<;27362=  

                    

      =594!=4;2017=;6:74;717=07=:30914;7'=594!;=;6 7847;09=!39=98909=4;"


!3214;369=7;=2962;=8900/741&=%=890= & &&=%-+)--*'=!37=*'=0911947='=!39=59470143=79223=7;=
;6;=89007=4;;369=89007=89147;369=8;=!;=700/741&=*" =890= & &&=(*,+*(&=
.6= 921;=!72;= ;68;=636=7=4;09:767=07=1;5303;7=8;=1;1303=7;0;171;:3=98;0;;3=69!92274;3&=
=
    
36=.619459003=*-+*-+)-*('=6&=-(=$  
    #'=0/96;7=89009=96147"
19= 7= !;74;13= !9= 4;96147= 690= !36!9113= 8;= 8930;;369= 9= 4;!3214;369= 76!9= 07= 4;!3214;369=

129
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 130

BLT 2.2020 – SISMABONUS

9877689545352:318:9808/.5-,:+-:,+.8-02:*27+.80/532:/5)(8002:,:'+8772:(/88)5)08-08:&:)8.(/831%:78:
95)(2)5#52-5: -2/.,05*8: +/",-5)05318: 5-: *5!2/8: (8/.800,-2: 0,78: *,/5,#52-8: &: 8: 95: 32-)8!+8-#,: :
(2))5"578:+)+4/+5/8:987:5).,"2-+):,-318:)8:57:4,""/53,02:/532)0/+502:(/8*89,:+-:,+.8-02:95:3+&
",0+/,:82:32-08-!,:+-:-+.8/2:.,!!52/8:95:+-50:5..2"575,/5:/5)(8002:,7:(/88)5)08-08:
65-08/(/80,#52-8: :)0,0,:32-48/.,0,:,-318:32-:76-08/(8772::-::-0/,."5:!75:5-08/&
(8775:)5:/548/5)32-2:,77,:4,005)(8358:95:3+5:,7:32..,:&:98776,/0::987:::352 :
76,3'+5)02:95/800,.8-08:9,7765.(/8),:95:+-50:5..2"575,/5:2!!8002:95:98.275#52-8:8:/532)0/+#52-8:
32-:.5!752/,.8-02:9877,:37,))5453,#52-8:)5).53,:.,:)2-2:9,:/508-8/)5:,((753,"575:5-:!8-8/,78:,7:
5).,"2-+):
:
 
2-:7,:5)27+#52-8: :-::76 !8-#5,:98778:8-0/,08:1,:315,/502:318:76,!8*27,#52-8:
95)(2)0,:9,776,/0::987:::(+ :8))8/8:/532-2)35+0,:,-318:(8/:!75:5-08/*8-05:/5!+,/9,-05:
5:39:
  
 :5..2"575:(2))89+05:9,:)23580:&:(8/31%:32)0/+505:2((+/8:,3'+5)0,05:32-:2:
)8-#,:)+338))5*,:/5)0/+00+/,#52-8:&:8:-2-:95/800,.8-08:+0575##,05:.,:98)05-,05:,9:8))8/8:*8-9+05:2:
723,05:,:08/#5:,-#531%:.,-08-+05:-87:(2/0,42!752:95:(/2(/580:987765.(/8),:(8/:4,/-8:+)2:5-:(/2&
(/52:
77,:)+99800,:32-37+)52-8:76,..5-5)0/,#52-8:45-,-#5,/5,: :!5+-0,:5-:",)8:,77,:32-)598/,#52-8:318:
7,:-2/.,:95:/548/5.8-02:-2-:(2-8:(,/05327,/5:*5-3275:5-:2/95-8:,7:05(2:95:+0575##2:89:,5:)2!!8005:"8&
-84535,/5:98776,!8*27,#52-8:,008)2:318:'+8)0,:5-08-98:4,*2/5/8:7,:.8)),:5-:)53+/8##,:98!75:8954535:
(8/:!,/,-05/8:765-08!/50:98778:(8/)2-8:(/5.,:,-32/,:318:987:(,0/5.2-52:
:
 



  

6,/0:&  :987:::-::32-*8/0502:5-:78!!8:9,77,:::-::/+&
"/53,02:

  
 
 
 :1,:5-0/292002:57:32..,:&:,776,/0:
:987:::2*8: :(/8*5)0,:+-,:-+2*,:,!8*27,#52-8:(8/:!75:5-08/*8-05:95:/59+#52-8:987:
/5)3152:)5).532:318:9,--2:95/5002:,778:(5:878*,08:980/,#52-5:'+,-92:844800+,05:9,:5.(/8)8:95:32&
)0/+#52-8: 2: /5)0/+00+/,#52-8: .895,-08: 98.275#52-8: 8: /532)0/+#52-8: 95: 5-08/5: 8954535: 98)05-,05: (25:
,77,:*8-950,:8-0/2: :.8)5:
-: '+8)05: 3,)5: )(800,-2:  : 98778: +-50: 5..2"575,/5: 78: 980/,#52-5: (/8*5)08: 5-: 3,)2: 95:
/59+#52-8:987:/5)3152:)5).532:/5)(8005*,.8-08:-877,:.5)+/,:987::/59+#52-8:95:+-,:37,))8:95:
/5)3152:8:98776:/59+#52-8:95:9+8:37,))5:95:/5)3152:     
 
 :/5)+70,-08:-8776,002:(+""7532:95:32.(/,*8-950,:8:32.+-'+8:     
        
  :
:
2-2:95:)8!+502:78:3,/,008/5)05318:987:"8-845352:5-:2!!8002:-2-31%:78:32-95#52-5:318:2332//8:/5&
)(800,/8:
:
  $#*'/"&,2/+*) &11"2!& 2"*) 1*0) #"2) *.22!2) - 2!&%2) +*2) !/-+2) 2+!"-(2) +*""*)   
  )'*.&)"&)02(/0(&)/+"2+*)$3)))&2)(*+(2).*""&)0.))
    
)/).*2)10/''*.2*+%2)0*#2/+&"2)0*"&%2'2)&""&),/+2,,&,2/+*)(2(2!&)
+%*0'*+%/).&)0*&"2,,&0(2)*.2&+%*).*/"2,2/+*)*)02!/(%0-,2/+*).2)2+%*02)*.22!2)&+!*)!/+)
'&02&,2/+*) '/"-*%02!&) 02(1*%%/) &""*.22!2/) 10**(2(%*+%*) /'*) !/+(*+%2%/) .&""*) +/0*)

  
-0 &+2(%2!*)(2)'*.&+/)2+)10/1/(2%/)"+%*01*""/) 
 )+) )   
)*)"+%*01*""/) 

)+) )   )

   &) !/10&'*+.2%&) .*'*) &''*+20*) 
  ) .&""&) .&%&) .2) !/+!"-(2/+*) .*2) "&'/02) *)
  !/-+-*)*+%0/)2") 


)
  *0!*+%-&"*).2).*%0&,2/+*)2((&%&)&") )2+)!&(/).2)2#"2/0&*+%/).2)-+&)!"&((*).2)02(!2/)
 (2(2!/)*)&"" )2+)!&(/).2)2#"2/0&*+%/).2).-*)!"&((2).2)02(!2/)(2(2!/)
  
)-/%*)&++-&"2).2)1&02)21/0%/)

:

130
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 131

BLT 2.2020 – SISMABONUS

% *$ !##-*$ )%%$ #,%#%$ #($ (-$ !*!+%$ !$ )% +!'-*&%$ !$ $ (+*$ ,%+$ (&- $
-*--!+%$,%+$-!#(&$!&&*$$*++-#,*&)%& %$ (-&)-$!$(&!$)% +!'-*&%$"!+-!-%$ +!$
$ (+*$
(!&)*$ "-%&%$ !,,-! !$ !$ ,%+%& (!%$ )%$  $ %$ $ (+*$
(!&)*$
 



"-%&%$!,,-! !$!$,%+%& (!%$)% $




$ % *$!##-*$)%%$#,%#%$#($(-$!*!+%$!$)% +!'-*&%$,($%##%+%$!(%& ! *$-&$!#*$


)-$-& %+"%& -$%#%(- -$#($,!+ -$*(&-$)-$%)---$*&)*-&-!-$!$$(+*$* -,-! *$,%+$
-$&(%+*$)%%$(&- $-*--!+-$)%%)---*$*&)*-&-!%$
B
AB@?>>=<<;B:=9=8;7;65;B4?@@?9?B?4<65=B4=5B36B7=@@;?9=B2=3B75=2;<?B633=B1=2=@;1=B;145=@=B70=B069/
9?B=88=<<.6<?B>3;B;9<=5-=9<;B?--=5?B62B63<5;B@?>>=<<;B45;-6<;,B7?9B36B867?3<+B2;B@.77=@@;-6B7=@@;?9=B
2=3B75=2;<?,B7?9B=@73.@;?9=B2;B7=@@;?9=B62B;@<;<.<;B2;B75=2;<?B=B;9<=51=2;65;B8;969);65;,B7?@(B7?1=B
4=5B;3B&;@16:?9.@B;9B>=9=563=%B&;B5;9-;6B6B<63B45?4?@;<?B6B6336B5;@?5@6B?93;9=B$#"!" %B
B
>=9);6B2=33=B=9<56<=,B7?9B3A9<=54=33?B!!,B9%B" B   

,B 06B 70;65;<?B 70=B 36>=-?36);?9=B ;9B 465?36B 4.B =@@=5=B .@.85.;<6B 6970=B 9=3B 76@?B ;9B 7.;B
367.;@<?B6--=9>6B<561;<=BB9=336B86<<;@4=7;=,B3;9<=5=@@6<?B6-=-6B7=2.<?B6B<;<?3?B2;B4=5/
1.<6B .9B ;11?:;3=B 62B .@?B 6:;<6<;-?,B 2;B 7.;B =56B 7?145?45;=<65;?B 7?9B ;B 45?45;B 861;3;65;,B 6B
.9;145=@6B 2;B 7?@<5.);?9;,B 36B .63=B 2?4?B 6-=53?B 2=1?3;<?B =B 5;7?@<5.;<?B 6-=-6B 7=2.<?B 3?5?B 2.=B
9.?-=B.9;<+B;11?:;3;65;%B
B
  
 
     

    
6B =>>=B 2;B :;3697;?B B 65<%B B 2=336B %B  ,B 7?116B ",B 70=B 06B ;9@=5;<?B ;3B 7?116B /
  B2=3365<%BB2=3B%%B""B06B;9<5?2?<<?,B4=5B3=B@4=@=B5=36<;-=B6>3;BB@.B465<;B
7?1.9;B2;B=2;8;7;B7?92?1;9;63;B5;762=9<;B9=33=B)?9=B@;@1;70=B,BB=B"B@;B-=26B36B5;@?5@6B?93;9=B
 B$ ",B 
           
   
 B/B;9B63<=596<;-6B633=B2=<56);?9;B2;B7.;B63B7%2%B 
B?B6B.=33=B2;B7.;B63B
7%2%B  
B /B .96B 9.?-6B 2=<56);?9=B 5;465<;<6B ;9B B .?<=B 699.63;B 2;B 465;B ;14?5<?B @.B .9B
611?9<65=B2=33=B@4=@=B9?9B@.4=5;?5=B6B"%B.5?B1?3<;43;76<?B4=5B;3B9.1=5?B2=33=B.9;<+B;1/
1?:;3;65;B2;B7;6@7.9B=2;8;7;?B65<%BB2=3B%%B"",B7?116B/   B
B9=336B1;@.56B2=33,B?-=B>3;B;9<=5-=9<;B2=<=51;9;9?B;3B46@@6>>;?B62B.96B736@@=B2;B5;@70;?B
@;@1;7?B;98=5;?5=B6;B@=9@;B2=3B%%B,B9%B B
B9=336B1;@.56B2=33B?-=B>3;B;9<=5-=9<;B2=<=51;9;9?B;3B46@@6>>;?B6B2.=B736@@;B2;B5;@70;?B@;/
@1;7?B;98=5;?5;B6;B@=9@;B2=3B%%B,B9%B %B
&;B-=26B4=5B2=<<6>3;B36B5;@?5@6B?93;9=B$#%B
B


    


  


  
 

65<%BB2=336B%B",B7?116B",B@<6:;3;@7=B70=B;3B&;@16:?9.@B9?9BB7.1.36:;3=B7?9B6>=-?/
36);?9;B>;+B@4=<<69<;B4=5B3=B1=2=@;1=B8;963;<+B@.336B:6@=B2;B9?51=B@4=7;63;B4=5B;9<=5-=9<;B;9B65==B
7?34;<=B26B=-=9<;B@;@1;7;%B
A9B45?4?@;<?,B3A9<=54=33?B!!,B9%B,B06B70;65;<?B70=B;3B2;-;=<?B2;B7.1.3?B<56B&;@16:?9.@B=B
6>=-?36);?9;B>;+B@4=<<69<;B4=5B3=B1=2=@;1=B8;963;<+B@.336B:6@=B2;B9?51=B@4=7;63;B4=5B;9<=5-=9<;B;9B
65==B7?34;<=B26B=-=9<;B@;@1;7;B/B45=-;@<?B263365<%BB2=336B%B",B7?116B"B/B9?9BB6443;76:;/
3=B@=B2=<<=B.3<=5;?5;B6>=-?36);?9;B@;69?B@<6<=B85.;<=B;9B5=36);?9=B6B45=7=2=9<;B;9<=5-=9<;,B?516;B7?9/
73.@;%BA3B2;-;=<?B2;B7.1.3?B@;B6443;76B4=5<69<?B@?3?B7?9B5;8=5;1=9<;B62B.9?B@<=@@?B;9<=5-=9<?%B
B



  

A9B76@?B2;B=88=<<.6);?9=B@.3B1=2=@;1?B=2;8;7;?B2;B;9<=5-=9<;B2;B96<.56B2;-=5@6B/B62B=@=14;?B;9<=5/
-=9<;B69<;@;@1;7;B=B63<5;B;9<=5-=9<;B2;B@=143;7=B169.<=9);?9=B@<56?52;965;6B/B;3B3;1;<=B2;B@4=@6B6>=/
-?36:;3=BB.9;7?B!%B.5?B;9B.69<?B5;8=5;<?B633;11?:;3=%B
;B4?;70B>3;B;9<=5-=9<;B69<;@;@1;7;B4=5B;B.63;BB4?@@;:;3=B85.;5=B2=336B2=<56);?9=B;9B B699;,B=2B

131
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 132

BLT 2.2020 – SISMABONUS

A@A?>=<;:A?>AB ?A;;<B :98=7<B :<66957<><B 9?B 4<85B 39B 39:9?=295?AB 4A7>9194<><B 3A;B 7984095B 898:945/B
?5?B.5885?5B17=97AB39B=?B<=>5?5:5B;9:9>AB39B8.A8<B<>>A85B40AB?5?B458>9>=9845?5B=?<B?=5@<B4<>A-
6579<B39B9?>A7@A?>9B<6A@5;<,9;9B+*985;=295?AB)('&&')%&$B?#B&"$'! #B
?40AB.A7B9B;<@579B<?>9898:949/B45:AB.A7B6;9B9?>A7@A?>9B39B7A4=.A75B3A;B.<>79:5?95BA39;9295B9?B6A-
?A7<;A/B@<;AB9;B.79?49.95B8A45?35B4=9B;9?>A7@A?>5B39B4<>A6579<B8=.A7957AB<8857,AB=A;;9B39B4<>A6579<B
9?1A7957AB <3B A885B 45;;A6<>9B +@A39B *985;=295?AB )('&&')%&$/B ?#B &"$'! #B <B 3A>7<295?AB .7A@98><B .A7B
6;9B9?>A7@A?>9B<?>9898:949B.=B=9?39BA88A7AB<..;94<></B<3BA8A:.95/B<?40AB<;;AB8.A8AB39B:<?=>A?-
295?AB 5739?<79<B +>9?>A669<>=7</B 9?>5?<4<>=7</B 791<49:A?>5B 39B .<@9:A?>9/B A44# B 5B 8>7<5739?<79</B 8AB
?A4A88<79AB<;B45:.;A><:A?>5B3A;;5.A7<#B
B
$#""! ###!  "  ! ! !
?B<;>A7?<>9@<B<;;<B.5889,9;AB4A8895?AB3A;B47A39>5B+8=;;<B=<;AB89B@A3<B;<B798578<B5?;9?AB( /B
;<7>#B&%B3A;B##B%'%"')%&(/B?#B"/B<@A@<B9?>7535>>5B;<B.5889,9;9>/B.A7B9;B8566A>>5B40AB858>A?A@<B
8.A8AB<::9889,9;9B<6;9B9?4A?>9@9B.A7B;A11949A?2<BA?A76A>94<B+4#3#B B5B.A7B;<B:A88<B9?B
894=7A22<B898:94<B+4#3#B   B39B794A@A7AB=?B45?>79,=>5B39B9:.57>5B.<79B<;;5B845?>5B1984<-
;AB4=9B<@7A,,AB<@=>5B3979>>5/B<?>949.<>5B3<;B157?9>57AB40AB0<BA11A>>=<>5B;9?>A7@A?>5/B85>>5B157:<B39B
)('&%'$)#"$('!! )%% '$)%%&%#B
9B.7A@A3A@<B40AB9;B45?>79,=>5B@A?988AB7A4=.A7<>5B3<;B157?9>57AB85>>5B157:<B39B47A39>5B39:.58></B
39B .<79B <::5?><7A/B 3<B =>9;922<7AB A84;=89@<:A?>AB 9?B 45:.A?8<295?A/B 9?B B =5>AB <??=<;9B 39B .<79B
9:.57>5/B8A?2<B;<..;94<295?AB3A9B;9:9>9B39B45:.A?8<,9;9>#B
$ )')  '&$ &$'%%'$$)%%$!'%B<3B5.A7<B3A;;<BA66AB39B,9;<?495B)%)%B+<7>#B&B3A;;<B
#B&%')%&(/B45::<B&$ /BAB39B1<>>5B?5?B B:<9B8><><B=>9;922<></B<?40AB.A7B;<B:<?4<><BA:<?<295?AB
3A;B.7A@98>5B.75@@A39:A?>5B<>>=<>9@5B3A;;6A?29<BA?>7<>A#B
'$)('&%'$ $'!& %'! $&'&$$#&#$" ( "$!$ "$ )'&#)/B><;AB.5889,9;9>B B79:<8><B
85;5B.A7B<;4=?AB>9.5;569AB39B9?>A7@A?>9B3A8>9?<>9B<;;A11949A?><:A?>5BA?A76A>945B3A6;9BA391949B+<7>#B&B
3A;;<B#B&%')%&(/B45::<B$%B-B@A39B;<B798578<B5?;9?AB"%" #B
B
!##!##"!" "
4<794<B;<B6=93<B3A;;6A?29<BA?>7<>AB.A7B9;B98:<,5?=8 B

       B


+<66957?<:A?>5B;=6;95B)%&( #B
B
B
$ 
$    $   $ 
$ 
## !!"#!# #!##!
?B <>>=<295?AB 3A;;<7>#B &B 3A;B ##B ')%&/B 45::<B &- /B 458B 45:AB :539194<>5B 3<;;<B #B
))')%&/B B8><>5BA:<?<>5B9;B$ &$ &!)%!#%%#!$$ !)$
 $&$
B-B9?B@9657AB3<;B
  B-B9;B=<;AB8><,9;984AB;AB" &$# $!$"$("))  ( '&$"$! )( '$) ) ('$""$
(')%!# '& B?5?40B;AB'" %$!$"$!"% $%%)% '&/B3<B.<7>AB39B.751A8895?98>9B>A4?949B
<,9;9><>9BAB98479>>9B?A9B798.A>>9@9B<;,9B.751A8895?<;9/B3A;;A1194<49<B3A6;9B9?>A7@A?>9BA11A>>=<>9#B
5?B;A:<?<295?AB39B=A8>5B.75@@A39:A?>5B0<B.A7><?>5B.7A85B9;B@9<B;<B45?47A><B<>>=<295?AB3A;;AB
?57:AB8=;B  B9?>7535>>5B3<;;<B#B))')%&/B45?B.A74A?>=<;9B39B3A>7<295?AB1984<;AB40AB<7-
79@<?5B19?5B<;; B3A;;<B8.A8<B858>A?=><B.A7B6;9B9?>A7@A?>9/B45:AB85.7<B3A8479>>5#B
=,9>5B35.5B;<B8=<BA:<?<295?A/B9;B3A47A>5B B8><>5B4577A>>5B<3B5.A7<B3A;B#B9?#B?17<8>7=>>=7ABAB
7<8.#B%$'%')%&$/B?#B/B40AB0<B858>9>=9>5B9;B45::<B&B3A;;<7>#BB7A;<>9@5B<9B.751A8895?98>9B<,9;9><-
>9B<;;AB@A791940ABA3B<88A@A7<295?9B.7A@98>AB3<;B3A47A>5B8>A885/B?5?40B4577A>>5B<;4=?9B7A1=89#B
?B8A6=9>5/B=;>A79579B4577A295?9B85?5B8><>AB<..57><>AB<3B5.A7<B3A;B#B9?#B?17<8>7=>>=7ABAB7<8.#B
%('%&')%)%/B ?#B )"/B 40AB <B 8=<B @5;><B 0<B <3A6=<>5B 9;B .75@@A39:A?>5B <;;AB 398.589295?9B 7A695?<;9B 9?B
:<>A79<BA39;929</B45?B.<7>945;<7AB791A79:A?>5B<;;AB98><?2AB.A7B9;B79;<8495B3A9B>9>5;9B<,9;9><>9@9/B?5?40B
<;;AB9?>A7.7A><295?9B3A;;6A?29<B3A;;ABA?>7<>A#B
B

132
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 133

BLT 2.2020 – SISMABONUS

  
 

<;:987= 6= 543= 2717= 0/.-0.0-,+*= )7= (/= '= &%$4= #)= "4! #8%= 9488##&:8%= :5= %49:= 543= 2717= (.0-,+= '=
"8:#3#"&4=&4=    
 
    
   

 
    

  
  
     7=
<;:334!:8%==:3=9%45#$4)8%='=&4=&%)8#4)4=#3=$%5433%=5#=:""449:#%)4='=:=8 88:#:=9#49#$4)8%=
"%38:)8%=:=#)!4!)49#=4=:9&#8488#=&97=3:=:984=&%)=#=5:8#=:):!9:#&#=543=9%4""#%)#"8:=:""449:8%947=
=
      

  
  

    


<4=3#)44=! #5:=:334!:8%==:3=2717=0/.-0.0-,+=
'=&%)"4)8%)%=5#=:889# #94=:= )=45##&#%= ):="4&##&:=*=:9#:#34=
   
 *=$45#:)84= )= )#&%=:9:$489%=&4=8#4)4=&%)8%="#:=5433:=
"#& 94:="#:=54!3#=:"488#=4&%)%$#&#==
'=%9)#"&%)%=#)5#9##=5#=$:""#$:=" 33:=9%!488:#%)4=
'=:""%&#:)%=:#=3#433#=5#="#& 94:= )=&%"8%=&%)4)#%):34=#)=:"4=:#=5:8#=543=$%)#8%9:!!#%=543'
3:=9#&%"89 #%)4=:="4! #8%=543=84994$%8%=543=0--=#)=9 %7=
<:=&3:""##&:#%)4=5#=9#"&#%="#"$#&%==&%$4=5488%=%)5:8:=" =&%)"#549:#%)#="#:=5#=&:9:88494=4&%'
)%$#&%'#):)#:9#%= &4= :494)8#= 3:= "#& 94:= 5433;45##&#%7= # = #)= 5488:!3#%*= 34= &3:""#= 5#= 9#"&#%=
"%)%=54#)#84=#)=:"4=:=5 4=:9:$489#=
= 1=     *= &4= &%)"#549:= 34= 495#84= 4&%)%$#&4= :""%&#:84= :#=
5:))#=:!3#=434$4)8#="89 88 9:3#=4=)%)="89 88 9:3#*=4"94"":=&%$4=49&4)8 :34=543=&%"8%=5#=9#&%'
"89 #%)4=
=5433;45##&#%=4=&4=)%)=#)&3 54=44)8 :3#=5:))#=:#=&%)84) 8#=5433;45##&#%=
='=  *=54#)#8%=&%$4=#3=9:%98%=89:=3;:&&4349:#%)4=:3=" %3%=94#"8:=49=
3;45##&#%=)43="#8%=5#= #&:#%)4=4= 433:="%%98:#34=5:33:="89 88 9:*=)433%="8:8%=5#=:88%*=&%)=
9#49#$4)8%=:33%=<=94#"8%=5:334=)%9$4=84&)#&4=45#=3:=9#"%9":=%)3#)4= ,(-07=
<:= &3:""4= 5#= 9#"&#%= 5:= :889# #94= :33;45##&#%= ":9=  433:= $#)#$:= 89:= 34= 5 4= &3:""##&:#%)#7= 2:=
 :)8%="%9:=4$49!4=&#:9:$4)84=&4=34=&3:""#=5#=9#"&#%="#"$#&%="%)%= 8#3#:#3#=
7=
#=9#)#:=:)&4=:33:=9#"%9":=%)3#)4= ,(07=
=
 
      
<:= 54849$#):#%)4= 5433:= &3:""4= 5#= 9#"&#%= 5#= ::984)4):= 5#= )= 45##&#%*= :3= #)4= 5#= :&&45494= :#=
4)4#&#=#"&:3#*= =4""494=&%)5%88:="4&%)5%=#="4! 4)8#=5 4=$48%5#*=89:=3%9%=:3849):8##=
=  *= :3#&:#34= :=     *= :":8%=
" 33;:3#&:#%)4=54#=)%9$:3#=$48%5#=5#=:):3#"#=94#"8#=5:334=)%9$4=84&)#&4=49=34=&%"89 #%'
)#=4=&4=&%)"4)84=3:=:3 8:#%)4=5433:=&3:""4=5#=9#"&#%=5433:=&%"89 #%)4*="#:=)433%="8:8%=5#=:8'
8%="#:=)433%="8:8%=&%)"4! 4)84=:33;44)8 :34=#)8494)8%*=&%)"4)84)5%=#3=$#!3#%9:$4)8%=5#= ):=%=
# =&3:""#=5#=9#"&#%=
= *=:3#5%= *=:":8%=" = ):=&3:""##'
&:#%)4=$:&9%"#"$#&:=5433;45##&#%7=:34=$48%5%==#)5#&:8%=49= ):=:3 8:#%)4=4&%)%$#&:=4=
"45#8#:="4):="4&##&4=#)5:!#)#=4.%=&:3&%3#=5433:=&3:""4=5#=9#"&#%=4= =4""494= 8#3#:8%=
"#:=49= ):=:3 8:#%)4=943#$#):94=#)5#&:8#:*="#:=49=3;:&&4""%=:3=4)4#&#%=#"&:34=#)=943:'
#%)4=:33;:5%#%)4=5#= *=&#%= 433#=&4=#)8494"":)%="#)!%3#=434$4)8#=
"89 88 9:3#=$:=)%)=3;#)849:="89 88 9:=)43=" %=&%$34""%*=&%)"4)84)5%=:3=$:""#$%=#3=$#!3#%9:'
$4)8%=5#= ):="%3:=&3:""4=5#=9#"&#%7=
=
     
49=:&&45494=:3=  *=#3=9%4""#%)#"8:=#)&:9#&:8%=544=
'=:3 8:94=3:="#8 :#%)4=4"#"84)84="8#$:)5%=3:=&3:""4=5#=9#"&#%=9#$:=5433;#)8494)8%*=" 33:=:'
"4=5#= :)8%=#)5#&:8%=)4334=3#)44=! #5:=

133
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 134

BLT 2.2020 – SISMABONUS

89 765547732104/.4-9 ,+*)4..1+49 ('3/.4+24/.*9 5*/9 (19 7.3019 &4(('4%%3515319 49 &4(9 03)(3*+104/.*9


5*/74)63$3(4-9 177424+1/&*9 3(9 .6..*9 .+103.49 3(9       9
 

 #9
"(9 ,+*)4..*9 &4)(39 3/.4+24/.39 ,4+9 (19 +3&6!3*/49 &4(9 +375 3*9 737035*-9 5*/.4/4/.49 ('177424+1!3*/49 &4(9
,+*)4..37.1-991((4)1.*91((19&*5604/.1!3*/494&3(3!31947#9"-95*/9(1961(49234/49&1.*93/3!3*9139
(12*+3-95 49&42494774+49&4,*73.1.19,+477*93(95*0,4.4/.49,*+.4((*96/35*9&4(('4&3(3!31#9
"/9 74)63.*-9 &6+1/.49 4&9 1(9 .4+03/49 &4(('3/.4+24/.*-9 3(9  9 49 3(9  9
61/&*9/497319*$$(3)1.*+319(19/*03/19-97*/*9.4/6.391..47.1+49(195*/%*+03.9&4(('3/.4+24/.*9
6(.301.*9 5*049 &19 ,+*)4..*9 /4(('10$3.*9 &4((49 +37,4..3249 1..+3$6!3*/3-9 .+103.49 (19 &*5604/.1!3*/49
5 49 47739 &42*/*9 ,+474/.1+49 1((*9 ,*+.4((*9 6/35*9 &4(('4&3(3!319 4*9 1((19 7.+6..6+19 .45/3519 ,+4,*7.19
1)(391&40,304/.39,+4237.39,4+939,+*)4..39&39*,4+497.+6..6+1(394&93/9!*/1973703519%3/49(12*+3949+4(18
!3*/49197.+6..6+496(.301.49,4+93(9&3+4..*+49&439(12*+3-954+.3%351.*9&395*((16&*9,4+93(95*((16&1.*+497.18
.35*9#9
9
"$##$$'$&''"&#"!$ &"$"
'1+.#9 9 &4(9 # #9
9 +35 34&4-9 3/9 4(1!3*/49 1)(39 3/.4+24/.39 5 49 ,*77*/*9 676%+63+49 &4(9 38
701$*/67-9(195*/.47.61(491((4)1!3*/491((19&*5604/.1!3*/494&3(3!319&4(9,+*)4..*-95*049177424+1.*9
&1(9,+*)4..37.197.+6..6+1(493/9$17491(90*&4((*9&1.*-9/*/5 93(9&4,*73.*9,+477*9(*97,*+.4((*96/35*#9
')4/!319 &4((49 4/.+1.4-9 5*/9 ('"/.4+,4((*9  -9 /#9 -9 19 5 31+3.*9 5 49 3(9 $4/4%353*9 %3751(49
/*/9,694774+49%+63.*961(*+193(9&*5604/.*9+451/.49(195(1773%351!3*/4949177424+1!3*/49&4(9+375 3*9
&4(('4&3%353*91/.454&4/.491(('3/.4+24/.*9/*/97319 
          
947#9"#9
9 7619 2*(.1-9 (19 3+5*(1+49  -9 /#9 9 ,1)#9  -9 19 +301+51.*9 5 49 3(9 ,+*)4..37.19
&4(('3/.4+24/.*97.+6..6+1(49&4249177424+1+49(195(17749&39+375 3*9&4(('4&3%353*9 -9*(8
.+495 4964((195*/74)63$3(49&*,*9('47456!3*/49&4(('3/.4+24/.*9,+*)4..1.*#9
'3/.4+,+4.1!3*/493/9647.3*/4997.1.195*/%4+01.19&1(('"/.4+,4((*9-9/#9#9
9
9

/.-,+*4 )=4 ;1((56014 '&54 %14 $&"!$ &#4 ':63=3054 65%%14 3:00;17=:654 95%%"=(<:;0:4 914 !85%%:4 95%%"=(<:3014
9:2801 4 ':60;1;=1(56054 1%%14 $&!$ &#4 '&54 ':63=3054 =625'54 65%%14 3:00;17=:654 95%%"=(<:;0:4
91%%"=(<:6==%5 438%4!81%542=5654<:=41<<%='1014%"1%=!8:0141%4=6549=49505;(=61;54%"=(<:301414950;17=:6544
<5;0160:4<=421601=:31 4=64!8160:43=40;198'54=64864;=3<1;(=:46500:4<1;=41%%"=(<:;0:4<5;4=%4!81%544;=':
6:3'=8014 )54 194 535(<=:4 3:6:4 3:30568054 3<5354 <5;4 +4 8;: 4 594 4 ;=':6:3'=8014 %14 950;17=:654 95%4
495%%543<5354305335 4'=43=40;198;;4=64864;=3<1;(=:46500:49=448;:4/.*4
/.-,*4-%405;(=654=64!8530=:65443010:49148%0=(:4<;:;:10:491%%"1;04+495%%144+ + 4':((14+  4%50
05;14 4644/.*4
/.-,
*4 -%4 ;=5;=(560:4 4 1%%14 '%133=='17=:654 3=3(='14 9=4 '8=4 1%%14 ;94 4
  
4 :4 1%=4 5256081%=4
<;:2259=(560=4;5=:61%=45(1610=438%%14135495%%14(5953=(14 ;944
  
45495%%1438''533=214
;94 4
+ 4 =605;<;5017=:654 ':65;(1014 91%%14 :((=33=:654 30;8008;54 95%%" ;9=654 95%=4 -6
565;=49=4=%16:4':64;=3<:3014194864!853=0:4
)=425914%14;=3:;314:6%=654>+ 4/.*4
/.-,*45;459=='=419==0=4194$"$$ $&#43=4=60569:6:486=04=((:=%=1;=4=64'8=43=432:%:6:4100=2=04
1;=':%5 4<;:533=:61%= 4<;:9800=2549=456=45435;2=7= 4':((5;'=1%=4:46:64':((5;'=1%=414'=;':3016714'&54
86486=':459=='=:4%:'1%=7710:4=6486147:6143=3(='141941%014<5;=':%:3=04<:3314':(<;5695;5486=04=((:=
%=1;=4':649530=617=:6=4152:%1054541%0;546: 4':(<:;014'&54%"1%=!8:01495%44<:33145335;54;8=0143:%:4<5;4
%543<5354;=5;=0541%%5486=04=((:=%=1;=4'&54<;53560=6:49530=617=:6541((=33==%541%%54152:%17=:6=4/.*4
/.-,*41425;3=:6542=5605495%%"1;04+495%44
+
4':((14+$#44':(545(5;5491%%54(:9=='&54
=60;:9:005491%%144
 +449=3<:654'&54$ &'"# $$%'$$&&$
&"'$!!"$$$"#" 
 #$#" &''"&" #&!$ &$$&&$$$!$"$$"$&&&$ "$$$&'  &''$$&
"##$  &''& #&#& "&##& " $& &''" &"!$ & #$ $&&    "& &''& #&#& # #&&
&%'$#&##$"$&'&"'$#$%$$ &''"&"!$ &#414:;(8%17=:65495%%146:;(1 4<:':4'&=1;1 4
=64':(=610:4':64%14<1;054=64'8= 4':(549500: 49=3<:654'&54=%4%=(=0549=43<53144<1;=414$ &

134
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 135

BLT 2.2020 – SISMABONUS

  
  -,2:6+213)8478248;23113932;4.39:93././243(2134182)'32;(2(;&;.32%2:/9;2
/2 $#"!!!2 6982 :392 );/1)642 ;4.39034.82 32 :392 );/1)64/2 64;.2 ;&&8;(;/93,2 /2 :931);473932 7/((/2 769/./2
73((;4.39034.821.3118"24284;2)/18,2631.820;4)8(8248421;2/::(;)/2132;42/44;216))311;0;21848233..6/.;2
;4.39034.;2 /6.848&/&34.32 )39.;;)/.;2 7/((/2 78)6&34./5;8432 9;)';31./2 7/((/2 489&/.;0/2 37;(;5;/2 0;34.3,2
);8%248427;2&39/2:9813)65;84327;263((;2;4;5;/.;2;42/44;2:93)3734.;"22
#2 2 ./(2 :98:81;.82 1/92 :39./4.82 43)311/9;82 )'32 7/(2 :64.82 7;2 0;1./2 37;(;5;82 9;"2 /9."2 2 73(2 ""<"2
! !!
,2 (;4.39034.82 7/2 3136;932 9;1:3..;2 (32 )847;5;84;2 :930;1.32 /;4)' 2 (8:39/2 )841;1./2 ;42 642 ;4.39
034.827;2)841390/5;843273(2:/.9;&84;8237;(;5;8231;1.34.323248427;24680/2)81.965;843"2
;248.;2)'32;(2)/182)84)93./&34.3231/&;4/.827/((345;/273((32 34.9/.3243((/2<;18(65;8432 ! 2%2
93(/.;082 /72 642 /9;)/.82
-2 967393
,2 /))/./1./.82 43((/2 )/.389;/2 )/./1./(32  2 /2 136;.82 73;2
7/443;/&34.;2)/61/.;27/26423034.821;1&;)8"242631.;2)/1;,2(/2:931345/27;2:98032)39.32)'32)84134./
482 7;2 039;;)/932 (/2 )841;1.345/2 :9331;1.34.32 73((37;;);82 %2 ;47;1:341/;(32 :392 :8.392 6/(;;)/932
(;4.39034.82)8&3264/273&8(;5;8432)84216))311;0/2-29;)81.965;843,232:39./4.827/(2:64.827;20;1./2
37;(;5;82)8&3264/29;1.96..69/5;843237;(;5;/,29;34.9/4.32.9/2(;2;4.39034.;2/&&311;2/((32/308(/5;84;23,2)8&32
1;2%20;1.8,2/4)'32/(2;1&/8461,2324842;403)32)8&32642;4.39034.827;24680/2)81.965;843,2)'3248421/
9332;403)32/&&;11;;(32/((32/308(/5;84;"2
;2037/2:39273../(;2(/29;1891/284(;432 "22
2 ;4.39034.82 83..82 73((;4.39:3((82 ;42 631.;8432 /0034;0/,2 ;42 /132 /((/2 "<"2 &;(;/2 <8&/4/2
# ! ,2)8&3273(8)/(;55/5;843243(29;1:3..8273(;21./47/97269/4;1.;);2:392;2/9;)/.;29/03&34.327/4
43;/.;2/2136;.8273(;23034.;21;1&;);273(2 ! "22
231.341;8432/((3258432/29;1)';821;1&;)82 2322%21././28:39/./27/((/9."2273(2""2! ! ! $,24"2
"22
$2;29;40;/2/2./(2:98:81;.82/((/29;1891/284(;432< !"22
 !2;29;)897/2)'32(/9."2#273(2""<"2! !! ,2)8&&/2
,27;1:8432)'32   
                    
       
-"2;2.9/../2;42:9/.;)/,213)847826/4.82:930;1.827/((32489&32.3)4;)'32:392(32)81.965;84;,27;2;4.39034.;2)'32
;4.39311;4821;48(;23(3&34.;21.96..69/(;2324842(/21.96..69/243(21682)8&:(3118"22
2

135
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 136

BLT 2.2020 – SISMABONUS

//.-,++*

  

  
7665432104/.8 -.,,.8 ,0/..8 +*0-28 6.58 ,28 ),2((0'0)2104/.8 -08 50()&048 (0(%0)48 -.,,.8
)4($5*104/08/4/)&#8-.,,.8%4-2,0$!86.58,2$$.($2104/.8-.,,.''0)2)028-.+,080/$.53./$08
.''.$$*2$08
)('&%*$%%#"! &%*$% *(*%"!!$(*! &#%"%&&(*"*
**! * #'&#&&#(*(*)#'*++.++* **
**! * #'&#&&#(*(*)#'*+ + +. * * -*
8

#&*.** ! !&*%(&&%*(*"(! !!% !*
8,865.(./$.8-.)5.$480/82$$*2104/.8-.,,25$0)4,488)4%%28*2$.58-.,8-.)5.$4,.++.88+0*+/488
/88)4/3.5$0$48)4/8%4-0'0)2104/08-2,,28,.++.882+4($488/88)4%.8%4-0'0)2$48-2,,25$0)4,488
)4%%288-.,,28,.++.88-0).%5.88/88($20,0().8,.8,0/..8+*0-286.58,28),2((0'0)2104/.8-.,850
()&048(0(%0)48-.,,.8)4($5*104/08/4/)&#8,.8%4-2,0$!86.58,2$$.($2104/.8-28625$.8-08654'.((04/0($0820,0$2$08
-.,,.''0)2)028-.+,080/$.53./$08.''.$$*2$08
8708'0/08-.,865.(./$.8-.)5.$48(08266,0)2/48,.8-.'0/0104/08-08654+.$$2104/.8-05.104/.8,234508)4,,2*-48($2
$0)48 .8 -0)&0252104/.8 -08 5.+4,25.8 .(.)*104/.8 -08 )*08 2,8 -.)5.$48 -.,8 5.(0-./$.8 -.,,28 .6*,0)28 8 
8
+0*+/488/8 8.82,8-.)5.$48-.,80/0($548-.,,.80/'52($5*$$*5.8.8-.08$52(645$088+.//2048 8
8

#&*** ! ((*!"*
8.8,0/..8+*0-28-08)*082,,25$0)4,488)4%%288(4/48*.,,.8)4/$./*$.8/.,,82,,.+2$4878)&.88625$.80/$.
+52/$.8 
8.8(4($2/102,.8-.,865.(./$.8-.)5.$48
8

#&* ** %"!&*"!*&&('&!% (*
8.''0)2)028-.+,080/$.53./$08'0/2,0112$082,,2850-*104/.8-.,850()&048(0(%0)4882((.3.52$28-208654'.((04/0($080/
)250)2$08-.,,28654+.$$2104/.8($5*$$*52,.8-05.104/.8-.08,234508-.,,.8($5*$$*5.8.8)4,,2*-48($2$0)48(.)4/-48,.850
(6.$$03.8)4%6.$./1.8654'.((04/2,08.80()50$$082085.,2$03085-0/08484,,.+08654'.((04/2,08-0826625$././128 
8
8,8654+.$$0($28-.,,0/$.53./$48($5*$$*52,.82-80/$.+52104/.8-08*2/$48+0!865.30($48-2,8-.)5.$48-.,85.(0
-./$.8-.,,28.6*,0)28/8 8-.,88.8-2,8)0$2$48-.)5.$488+.//2048 82((.3.528(.)4/-4808)4/
$./*$08-.,,.82,,.+2$.8,0/..8+*0-28,28),2((.8-0850()&048-.,,.-0'0)04865.).-./$.8,0/$.53./$48.8*.,,28)4/(.
+*00,.828(.+*0$48-.,,.(.)*104/.8-.,,0/$.53./$48654+.$$2$48
84/'45%.%./$.82,,.8-0(64(0104/085.+04/2,080,8654+.$$48-.+,080/$.53./$086.58,2850-*104/.8-.,850()&048(0
(%0)48.8,2((.3.52104/.8-08)*082,8)4%%288-.34/48.((.5.82,,.+2$082,,28(.+/2,2104/.8).5$0'0)2$28-080/01048
2$$030$!8 48 2,,28 50)&0.($28 -08 6.5%.((48 -08 )4($5*05.8 2,8 %4%./$48 -.,,28 65.(./$2104/.8 2,,48 (645$.,,48 */0)48
)4%6.$./$.8-08)*082,,25$0)4,488-.,8)0$2$48-.)5.$48-.,85.(0-./$.8-.,,28.6*,0)28/8 8-.,886.5808
(*)).((03082-.%60%./$08$.%6.($032%./$.8.8)4%*/*.8650%28-.,,0/01048-.08,234508 
8
8,8-05.$$45.8-.08,234508.80,8)4,,2*-2$45.8($2$0)4843.8/4%0/2$486.58,.++.82,,2$$48-.,,*,$0%2104/.8-.08,2
34508($5*$$*52,08.8-.,8)4,,2*-482$$.($2/486.58*2/$48-0850(6.$$0328)4%6.$./128,28)4/'45%0$!8-.+,080/$.5
3./$08.(.+*0$082,8654+.$$48-.64(0$2$48)4%.82((.3.52$48-2,8654+.$$0($28
82((.3.52104/.8-08)*082,8)4%%288.8,.82$$.($2104/08-08)*082,8)4%%288(4/48-.64(0$2$.865.((480,8(*-
-.$$48(645$.,,48*/0)48.8)4/(.+/2$.80/8)460282,8)4%%0$$./$.86.58,4$$./0%./$48-.08./.'0)08'0()2,08-08)*08
2,,25$0)4,488)4%%28*2$.58-.,8)0$2$48-.)5.$4,.++.8/88-.,88
82((.3.52104/.8-08)*082,8)4%%2888.''.$$*2$28(.)4/-480,8%4-.,,48)4/$./*$48/.,,82,,.+2$488)&.88
625$.80/$.+52/$.8 
8.8(4($2/102,.8-.,865.(./$.8-.)5.$48
8

#&*** %!''!% (*"!*% !&%#!%*
84/8-.)5.$48-.,80/0($548-.,,.80/'52($5*$$*5.8.8-.08$52(645$08(*865464($28-.,85.(0-./$.8-.,84/(0+,048
(*6.5045.8-.08,2345086*,0)0880($0$*0$28*/284%%0((04/.8)4/(*,$03286.580,8%4/0$452++048-.,,266,0)2104
/.8-.,865.(./$.8-.)5.$48.8-.,,.8,0/..8+*0-282-8.((482,,.+2$.8(./128/*4308.8%2++045084/.50828)250)48-.,
,28'0/2/1286*,0)28
8 28 4%%0((04/.8 -08 )*08 2,8 )4%%28 8 ./$548 8 %.(08 -2,,28 (*28 0($0$*104/.8 5.-0+.8 */8 650%48 526645$48
(*+,08.(0$08-.,,2$$030$!8-08%4/0$452++0482/)&.8208'0/08-.,,.,2452104/.8-0865464($.8-08%4-0'0)28480/$.+52
104/.8-.,8-.)5.$4848-.,,.8,0/..8+*0-282-8.((482,,.+2$.8
8284%%0((04/.8-08)*082,8)4%%28846.5282332,./-4(08-.08-2$08)&.8(252//4852))4,$08$52%0$.82664(0$28
2/)28-2$080($0$*0$2865.((480,84/(0+,048(*6.5045.8-.08,2345086*,0)08(.)4/-48654).-*5.8-28)4/)45-25(08
)4/8,.82%%0/0($52104/08)40/34,$.8-2,,266,0)2104/.8-.,865.(./$.8-.)5.$48

136
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 137

BLT 2.2020 – SISMABONUS

 
      
<;=:9=876546737427=87=107=/.=5-9692,9=891-9,4=6424=+487*71/,9=9=72,9)-/,9=142=./=+98967+/=5-41980-/=87=
/8437429=89.=5-9692,9=891-9,4;=
(;='.=5-9692,9=891-9,4=92,-/=72=&7)4-9=7.=)74-24=60119667&4=/../=60/=50%%.71/37429=60.=67,4=76,7,03742/.9=89.=
$7276,9-4=89..9=72*-/6,-0,,0-9=9=897=,-/654-,7;=
=
=

  
#"!<( =

=

  
:9=5-9692,7=:7299=078/=*4-2761424=).7=6,-0+92,7=459-/,7&7=59-=./=1./667*71/37429=89.=76174=76+714=89.
.9=146,-037427;=
'.=8410+92,4=89*727619=4,,4=./667=87=76174=142=-76174=1-96192,9=8/../=.9,,9-/==/../=.9,,9-/=;=:/=89
,9-+72/37429=89../=1./669=87=/55/-,92923/=87=02=987*7174=50=9669-9=14284,,/=6914284=809=+9,487=,-/=.4-4=
/.,9-2/,7&7=.024=142&923742/.9=9=./.,-4=69+5.7*71/,4=096,0.,7+4=142=02=/+%7,4=/55.71/,7&4=.7+7,/,4;=
'.= +9,484= 142&923742/.9= = 14219,,0/.+92,9= /55.71/%7.9= /= 0/.67/67= ,754.4)7/= 87= 146,-037429= = %/6/,4=
60../55.71/37429=897=24-+/.7=+9,487=87=/2/.767=5-9&76,7=8/..9=/,,0/.7="4-+9=912719=9=142692,9=./=&/.0
,/37429= 89../= ./669= 87= 76174= 89../= 146,-037429= 67/= 29..4= 6,/,4= 87= */,,4= 67/= 29..4= 6,/,4= 14269)092,9=
/..9&92,0/.9=72,9-&92,4;=
'.=+9,484=69+5.7*71/,4=67=%/6/=60=02/=1./667*71/37429=+/1-4676+71/=89..987*7174==72871/,4=59-=02/=&/.0
,/37429=65987,7&/=89../=./669=87=76174=897=64.7=987*717=72=+0-/,0-/=9=50=9669-9=0,7.733/,4=67/=59-=02/=
&/.0,/37429= 5-9.7+72/-9= 72871/,7&/= 67/= 59-= &/.0,/-9= .7+7,/,/+92,9= /).7= 987*717= 72= +0-/,0-/= ./= 1./669= 87=
-76174=72=-9./37429=/../8437429=87=72,9-&92,7=87=,754=.41/.9;=.,9-74-7=65917*719=/55.71/37427=89.=+9,484=
69+5.7*71/,4=6424=-754-,/,9=/.=;(=89..9=5-9692,7=.7299=)078/;=
9-=./=89,9-+72/37429=89../=./669=87=76174=67=*/=29.=69)07,4=-7*9-7+92,4=/=809=5/-/+9,-7 ==./= 9-87,/=
220/.9=$987/=/,,96/= $
=19=,7929=72=1426789-/37429=.9=59-87,9=91424+719=/66417/,9=/7=8/227=/).7=
9.9+92,7=6,-0,,0-/.7=9=242=9=-7*9-7,9=/.=146,4=87=-7146,-037429= 
=89..987*7174=5-7&4=89.=604=142,920,4=9=
=.728719=87=6710-933/= '
=89../=6,-0,,0-/=89*727,4=14+9=7.=-/554-,4=,-/=./119.9-/37429=87=57114=/.=604
.4= = 9/=-4028=119.9-/,742
=19=89,9-+72/=7.=-/))702)7+92,4=89..4=,/,4=:7+7,9=87=6/.&/)0/-87/=
89../=&7,/=#"!< = :
=1/5/17,=72= == =9=./= =19=./=24-+/=72871/=29..4=65917*714=67,4=72=107=67=
,-4&/=./=146,-037429=9=59-=.4=6,9664=6,/,4=.7+7,9=14+9=-7*9-7+92,4=59-=./=5-4)9,,/37429=87=02=204&4=987
*7174=84+/28/=72= == ;=:728719=87=6710-933/= '
=89../=6,-0,,0-/==+9).74=24,4=/7=,912717=142=./=
8924+72/37429=87='28719=87=76174=#"!( ;=
"9.=1/64=89).7=987*717=./=./669=87=76174=/66417/,/=/../=672)4./=027,=7++4%7.7/-9=14721789=142=09../=
89..987*7174= 9= 14+0209= 7.= */,,4-9= 729-92,9= ./= 6710-933/= 6,-0,,0-/.9= 89&9= 9669-9= 09..4= -9./,7&4= /../=
6,-0,,0-/=89..987*7174=29../=60/=72,9-933/;=/64=57=/-,714./,4=4&&7/+92,9==09..4=-9./,7&4=/).7=/))-9)/
,7=987.737=72=107=.7287&780/37429=89..027,=6,-0,,0-/.9==57=14+5.966/=9=59-=./=0/.9=59-=69+5.717,=50=
*/-67=-7*9-7+92,4=/.=+9,484=69+5.7*71/,4=29.=69)07,4=-754-,/,4;=
'2= 4)27= 1/64= ./,,-7%037429= 89../= ./669= 87= 76174= +987/2,9= 7.= +9,484= 69+5.7*71/,4= = 8/= -7,929-67= 02/=
6,7+/= /,,9287%7.9= +/= 242= 69+5-9= 149-92,9= 142= ./= &/.0,/37429= 4,,920,/= 142= 7.= +9,484= 142&923742/.9=
19=-/55-9692,/=/..4=6,/,4=/,,0/.9=7.=291966/-74=-7*9-7+92,4=4+4)9294=9=142&923742/.9;=
:/884&9=67=5-9&98/=.9691037429=87=72,9-&92,7=&4.,7=/../=-78037429=89.=-76174=./,,-7%037429=89../=./669=
87=76174=5-9=9=546,=72,9-&92,4=89&9=9669-9=9**9,,0/,/=0,7.733/284=7.=+98967+4=+9,484=9=142=.9=6,9669=
+48/.7,=87=/2/.767=9=87=&9-7*71/=,-/=09..9=142692,7,9=8/..9="4-+9=912719=59-=.9=46,-037427;=
"9.=1/64=87=&/.0,/37427=*72/.733/,9=/..9691037429=87=72,9-&92,7=60).7=987*717=&4.,7=/../=-78037429=89.=-76174=
=142692,7,4=.7+579)4=89.=+9,484=69+5.7*71/,4=297=64.7=1/67=72=107=67=/84,,724=72,9-&92,7=87=-/**4-3/+92,4=
.41/.9=72=,/.=1/64==/++9664=7.=5/66/))74=87=02/=64./=./669=87=76174;=
9-=,0,,7=).7=72,9-&92,7=19=50-=-78019284=7.=-76174=242=142692,424=7.=5/66/))74=/../=./669=87=76174=
+724-9=67=50=14+0209=-714--9-9=/).7=6)-/&7=*761/.7=+727+7=)7=5-9&76,7=8/..9=/.,-9=+760-9=87=/)9&4./374
29=&7)92,7;=
'.=5-9692,9=8410+92,4=876175.72/=/659,,7=4-+/7=14264.78/,7=72=,9-+727=87=+7,7)/37429=89.=-76174=9=,-/,,/=
64.4=+/-)72/.+92,9=29.=(;(=7=1/67=89).7=72,9-&92,7=19=50-=+7,7)/284=67)27*71/,7&/+92,9=7.=-76174=242=
6424=/8=4))7=0/2,7*71/%7.719-,7*71/%7.7=027&41/+92,9=72=,9-+727=87=%929*717=/554-,/,7;=/.7=72,9-&92,7=14
+9=/8=969+574=0278429/=676,9+/37429=897=142,-464**7,,7=/.=*729=87=6142)70-/-29=./=1/80,/=72=1/64=87=67
6+/=911;=6424=/06571/%7.7=9=/06571/,7=+/=./,,0/.9=+/21/23/=87=5-41980-9=4+4)9299=19=29=0/2,7*7
1724=7=142,-7%0,7=5467,7&7=72=,9-+727=67/=87=59-87,9= 91424+719
=/2209=+9879=/,,969=67/=87=72178923/=60.
./=6/.&/)0/-87/=89../=&7,/=242=29=142692,9=/.=+4+92,4=./=,-/,,/37429;=219=59-=096,7=1/67=14+02
09==54667%7.9=-714--9-9=/).7=6)-/&7=*761/.7=+727+7=)7=5-9&76,7=8/..9=/.,-9=+760-9=87=/)9&4./37429;=

137
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 138

BLT 2.2020 – SISMABONUS

  
 
A@?>>=<;:9<876B 5644?B 34?226B 5<B 1<20/<8B .:-B ?++67<=6*B 08)6B 56>>8*B ?>>=?+6=28B :78B 56<B 5:6B )6>85<*B 087(
+679<87?46B6B26).4<'<0?>8*B26&:6758B46B.=8065:=6B764B26&:<>8B5620=<>>6%B
$7B67>=?);<B<B)6>85<B#B'?>>8B:><46B=<'6=<)67>8B?4B.?=?)6>=8B"! *B0/6B.:-B6226=6B?22<)<4?>8B?4B082>8B5<B
=<.?=?9<876B 56<B 5?77<B .=858>><B 5?&4<B 6+67><B 2<2)<0<B 0/6B 2<B )?7<'62>6=?778B 764B 08=28B 5644?B +<>?B 5644?B 08(
2>=:9<876*B=<.?=><>8B?77:?4)67>6B65B62.=6228B08)6B.6=067>:?46B564B082>8B5<B=<082>=:9<876%B
228B.:-B6226=6B+?4:>?>8*B082B08)6B.=6+<2>8B.6=B4@?..4<0?9<876B564B)6>858B087+679<87?46*B08)6B4@?(
=6?B28>>62?B?44?B0:=+?B=?..=6267>?7>6B46B.6=5<>6B60878)<0/6B5<=6>>6*B<7B':79<876B5644?B'=6:679?B)65<?B
?77:?B5<B2:.6=?)67>8B.?=<B?44@<7+6=28B564B.6=<858B)65<8B5<B=<>8=78B56&4<B6+67><B0/6B.=8+80?78B<4B=?&(
&<:7&<)67>8B 5<B :78B 2>?>8B 4<)<>6B .6=B 4?B 2>=:>>:=?%B ?46B 0:=+?*B <7B ?22679?B 5<B 5?><B .<B .=60<2<*B .:-B 6226=6B
5<20=6><99?>?B)65<?7>6B:7?B2.699?>?%B <78=6B2?=B4@?=6?B28>>62?B5?B>?46B0:=+?*B)<78=6B2?=B4?B.6=5<>?B
)65<?B?77:?B?>>62?B"! %B
B

B
)('&%$#"#!# $#$#&%$##(((&$#(# #%(%($#$#&$#%&(##($#($##
$(##$ $%#$$#$# &# 
#  ($'(#$#%$# %#'(#(((&$%#(# &(# %((#
$ $##%($##$(##(#$$#'$%(($#
B

"##($#
$4B)6>858B087+679<87?46B?226&7?B?44?B082>=:9<876B<7B62?)6B:7?B34?226B5<B1<20/<8B<7B':79<876B564B.?(
=?)6>=8B 60878)<08B "! B 6B 5644@<75<06B 5<B 2<0:=699?B 5644?B 2>=:>>:=?B $(%B "6=B <4B 0?40848B 5<B >?4<B .?=?)6>=<B
67>=?);<B2878B&=?756996B?5<)672<87?4<*B764B26&:<>8B62.=6226B<7BB#B760622?=<8B0?4084?=6*B'?06758B
=<'6=<)67>8B?4B2<>8B<7B0:<B28=&6B4?B082>=:9<876B<7B62?)6*B46B?00646=?9<87<B5<B.<008B?4B2:848B.6=B46B:?4<B2<B
=?&&<:7&878B&4<B2>?><B4<)<>6BA*BA*BAB65BA3*B:><4<99?758B46B:2:?4<B+6=<'<0/6B5<B2<0:=699?B?&4<B2>?><B
4<)<>6B .=6+<2>6B 5?446B 8=)6B 607<0/6B .6=B 46B 382>=:9<87<%B 228B #B 5:7:6B ?..4<0?;<46B ?B >:>><B <B ><.<B 5<B 08(
2>=:9<876B.=6+<2><B5?446B2:556>>6B8=)6B607<0/6%B
!$B '<76B 5644?B ?226&7?9<876B 5644?B 34?226B 5<B 1<20/<8*B #B 760622?=<8B +?4:>?=6B .=64<)<7?=)67>6B 4?B 34?226B
"! B6B4?B34?226B$(B<7B0:<B=<0?56B4?B082>=:9<876B<7B62?)6%B
$B+?48=<B5<B=<'6=<)67>8B.6=B4?B56'<7<9<876B56446B34?22<B"! B2878B=<.8=>?><B<7B>?;644?B%B
B
$$#"#!# %(&(#$#$#(#((# #
(#&(#(##%(#(#$&#$#
B
         
 
"! BB* B ! "! B
* B B"! BB*B !"! B
*B B"! BB* B
"! B
* B B"! BB * B 3"! B
* B B"! BB* B "! B
* B B"! BB* B "! B
* B B"! BB* B "! B
 
* B B"! B B "! B
B
!B><>848B<75<0?><+8*B:7?B082>=:9<876B087B.6=<858B5<B=<'6=<)67>8B1B.?=<B?B B?77<*B46B0:<B.=62>?9<87<B2<?78B
.:7>:?4)67>6B.?=<B?<B)<7<)<B5<B:6446B=<0/<62>6B5?446B+<&67><B8=)6B607<0/6B.6=B46B382>=:9<87<B.6=B:7B
65<'<0<8B 5<B 7:8+?B 082>=:9<876B 6B 5:7:6B 0/6B =?&&<:7&6B <B 5<+6=2<B 2>?><B 4<)<>6B 62?>>?)67>6B .6=B <B +?48=<B 5<B

138
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 139

BLT 2.2020 – SISMABONUS

GFEDCBCHBDHEDACE@CHBF??>=<DC@FH;D;:D9=HGEF8D;ADHB=??FH@CE:F7H6=H5@H8=?CEFHBDH432H96FH?=H9C??C9=HD@H1?=;;FH
432H0H/D?H8=?CEFHBDH432H.,HD@H+5F;ACH9=;C,HG=EDH=H*,*)(7'H&@>=@=?C%=H9C;AE5<DC@F,H:=H9C@HGFEDCBCHBDH
ED$FED:F@ACH #"H G=EDH =H ! H =@@DH CH =H *H =@@DH 6=H 5@H 8=?CEFH BDH 432H 96FH ?=H 9C??C9=H =?H ?D:DAFH BF??=H 1?=;;FH
432H3H/D?H8=?CEFHBDH432H.,HD@H+5F;ACH9=;C,HG=EDH=H,!(HGFEH#"HH! H=@@DHFHG=EDH=H,!(HGFEH#"HH*H
=@@D7'H
1C@8F@<DC@=?:F@AF,H=DH$D@DHBF??=GG?D9=<DC@FHBF??FHGEF;F@ADHD@FFH5DB=,H.HGC;;DD?FH9C@;DBFE=EFHGFEDCBDH
BDH EDACE@CH BF??>=<DC@FH ;D;:D9=H D@$FEDCEDH =H )H =@@D,H ;9=?=@BCH GECGCE<DC@=?:F@AFH ?FH CEBD@=AFH BF??CH ;GFAAECH
=;;C9D=ACH=?HGFEDCBCHBDHEDACE@CHBDH)H=@@D'H=?FHGEC9FB5E=H@C@H;DH=GG?D9=HGFEHGFEDCBDHBDHEDACE@CHD@$FEDCEDH=H
*H=@@D'H
3@=?C%=:F@AF,HDH8=?CEDHBDHED$FED:F@ACHBF??>D@BD9FHBDH;D95EF<<=HB=H95DHBFED8=EFH?=H1?=;;FH#,H?F%=A=H=??=H
;=?8=%5=EBD=HBF??=H8DA=H5:=@=,H;C@CHEDGCEA=ADHD@HA=F??=H'H
H
#"! "!  ""   
        "
H
 
    

*(HH#H**H 3#H
(HH#H H*(H 3#H
(HH#H H(H 0#H
 (HH#H H (H 1#H
)(HH#H H (H #H
* (HH#H H)(H
#H
*!
#H H* (H H #H
H
3HADAC?CHD@BD9=AD8C,H5@=H9C;AE5<DC@FH?=H95DH9=G=9DA,HD@HAFE:D@DHBDH=99F?FE=<DC@FHBDHGD99CH=?H;5C?CH=;;C9D=
A=H =??CH #H G=EDH =H +5F??=H ED96DF;A=H B=??FH 8D%F@ADH CE:FH F9@D96FH GFEH ?FH 1C;AE5<DC@DH GFEH 5@H FBD$D9DCH BDH
@5C8=H9C;AE5<DC@FHFH9=E=AAFED<<=ACHB=??=H:FBF;D:=H8DA=H@C:D@=?FHFH9?=;;FHB>5;C,H6=H5@H8=?CEFHBDH#H
96FH?CH9C??C9=HD@H1?=;;FH#H3'H
4FEH ?=H 8=?5A=<DC@FH BF??=H 1?=;;FH 432H FH BF??=H 1?=;;FH #H BF??=H 9C;AE5<DC@FH D@H F;=:F,H @F9F;;=EDFH GFEH
?>D@BD8DB5=<DC@FH BF??=H 1?=;;FH BDH "D;96DC,H .H ;5$$D9DF@AFH $=EFH 5;CH BFDH :FACBDH D@BD9=ADH B=??FH 8D%F@ADH CE:FH
F9@D96FHGFEH?FH1C;AE5<DC@D,HGEC9FBF@BCH9C@HDH;F%5F@ADHG=;;DH
HDHF$$FAA5=H?>=@=?D;DHBF??=H;AE5AA5E=HFH;DHBFAFE:D@=@CHDH8=?CEDHBF??FH=99F?FE=<DC@DH=?H;5C?CHBDH9=G=9DA,H
431/D7,H96FHD@B59C@CHD?HE=%%D5@%D:F@ACHBF%?DH;A=ADH?D:DAFHD@BD9=ADHB=??=H@CE:=H/1,H#,H ,H
7'HHGC;;DD?F,HD@H8D=H;F:G?D$D9=A=,HF$$FAA5=EFH?FH8FED$D96FH?D:DA=A=:F@AFH)H=??CH#H/;A=ACH?D:DAFH
GFEH?=H;=?8=%5=EBD=HBF??=H8DA=7HFBH=??CH H/;A=ACH?D:DAFHBDHB=@@C7'H
H CAFH ?FH =99F?FE=<DC@DH =?H ;5C?C,H 431,H 96FH GECB59C@CH D?H E=%%D5@%D:F@ACH BF%?DH ;A=ADH ?D:DAFH ;CGE=H
BFAAD,H;DHBFAFE:D@=@CHDH9CEED;GC@BF@ADHGFEDCBDHBDHEDACE@C,HE1,H=;;C9D=ADH=DHAFEEF:CADH96FH%F@FE=@CHA=?DH
=99F?FE=<DC@D'H@H=;;F@<=HBDHGDH;GF9D$D96FH8=?5A=<DC@D,HD?HG=;;=%%DCHB=??FH431H=DH8=?CEDHBF?HGFEDCBCH
BDHEDACE@CHGC;;C@CHF;;FEFHF;F%5DADH5AD?D<<=@BCH?=H;F%5F@AFHEF?=<DC@FHH
E1HHE H/43143 7H
9C@HH*,*'H
H4FEH9D=;95@CHBFDHGFEDCBDH;CGE=HD@BD8DB5=AD,H;DHBFAFE:D@=HD?H8=?CEFHBF??=H$EF+5F@<=H:FBD=H=@@5=HBDH
;5GFE=:F@ACHHH*HE1'HH5AD?FH;CAACH?D@F=EFH96F,HGFEHD?H9=?9C?CHBF?HAF:GCHBDHEDACE@CHE1H=;;C9D=ACH=?H
E=%%D5@%D:F@ACHBF%?DH;A=ADH?D:DAFHBDHF;FE9D<DCH/ HFBH7H.H@F9F;;=EDCH=;;5:FEFHD?H8=?CEFH:D@CEFH
AE=H+5F??CHCAAF@5ACHGFEHA=?DH;A=ADH?D:DAFHFH+5F??CH8=?5A=ACHGFEH?CH;A=ACH?D:DAFHBDH;=?8=%5=EBD=HBF??=H8DA='H
DH =;;5:F,H BDH $=AAC,H 96FH @C@H ;DH GC;;=H E=%%D5@%FEFH ?CH ;A=ACH ?D:DAFH BDH ;=?8=%5=EBD=H BF??=H 8DA=H ;F@<=H
=8FEHE=%%D5@ACH%?DH;A=ADH?D:DAFHBDHCGFE=AD8DAHFHB=@@C'H
HDHBF$D@D;9FHA=ACHD:DAFHBDH@D<DCH =@@CH/ 7,H+5F??CH=H95DH.H9C:5@+5FH=;;C9D=D?FH5@=HGFEBDA=H
F9C@C:D9=H@5??=HD@H9CEED;GC@BF@<=HBDH5@HF8F@ACH;D;:D9CHFHD?H95DHGFEDCBCHBDHEDACE@CH.H=;;5@AC,H9C@
8F@<DC@=?:F@AF,HG=EDH=H*H=@@D,HC;;D=HHH,*'H
HDHBF$D@D;9FHA=ACHD:DAFHBDH"D9C;AE5<DC@FH/"7H+5F??CH=H95D,H;A=@AFH?=H9EDAD9DAH%F@FE=?FH96FHGEF
;F@A=H?=H9C;AE5<DC@FH=?HG5@ACHB=HEF@BFEFHGEF;;C96HD:GC;;DD?FH?>F;F95<DC@FHBDH5@HD@AFE8F@ACHBD8FE
;CHB=??=HBF:C?D<DC@FHFHED9C;AE5<DC@F,H.H9C:5@+5FH=;;C9D=D?FH5@=HGFEBDA=HF9C@C:D9=HG=EDH=?H*('H
1C@8F@<DC@=?:F@AFH;DH=;;5:FH96FHA=?FH;A=ACH?D:DAFH;DH:=@D$F;ADHD@H9CEED;GC@BF@<=HBDH5@HF8F@ACH;D
;:D9CHD?H95DHGFEDCBCHBDHEDACE@CH.HG=EDH=H+5F??CHBF??CHA=ACHD:DAFHBF?H1C??=;;CH/17'H
H4FEH9D=;95@CHBF%?DH;A=ADH?D:DAFH9C@;DBFE=ADH;DH=;;C9D=H=?H9CEED;GC@BF@AFH8=?CEFHBDHHD?H8=?CEFHBF??=H
GFE9F@A5=?FHBDH9C;ACHBDHED9C;AE5<DC@FH;F9C@BCH?=H;F%5F@AFHA=F??=HH H

139
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 140

BLT 2.2020 – SISMABONUS

,+*)((+'&'%'$)#")! +()')('" ''#" #!)''+"+ +'+('#+!)! ''"+"!''


A


 


@?>A =<<;A
@?:A 9<;A
@?8A 7<;A
@?6A =7;A
@?5A 4;A
@?36A <;A
A

A @2A 10/.-0A 2/A ,+*A )2(A 10/'&%A $%&#%(-.0/%"!A '11%&'A / 0&%0A '--%0A 0//0A $%0-0A 2(212.0-0A 0//%A
#'$$2%A2A$.(-2A)!A:>"A$%&A#20#.('A%2A'$&0A2(2#0-2A-0-2A/22-%!A0A#.2A2A02.(%A2/A$.(-'A)AA<!A
:>AA=<<;"!A%20(-%A/0A%.%(-%A%$&%2'(%A
A
7
,+*AA 2
A)@?2"AA)@?2="A:>)@?2":>)@?2="AA)@?:":>)@?>"A
A

'1%A/ 2(2#%A2A&0$$&%%(-0A2/A%(%&2#'A-0-'A/22-%A)27A$%&A/'A@?:A%A2=A$%&A/'A@?36A " A


A@2A2(212.0A/0A:/0%A,+*!A%20(-%A/0A-0 %//0A=A#
%A0'#20A/0A#/0%A0// 2(-%&10//'A2A10/'&2A0
.(-'A0/A,+* A
A@2A%-%&2(0A/ 2(2#%A2A2#.&%0A$%&A/0A12-0A3@8!A'11%&'A2/A&0$$'&-'A-&0A/0A,+:A)2A#0$0#2-"A#
%A

0A0--'A&02.(%&%A0/A0 &2#0-'A/'A-0-'A/22-%A2A0/10.0&20A%//0A12-0A.0(0A%A/0A,+6A)2A'
0(0"A%/A2-'A2(A#.2AA$'22'(0-'A/0A#'-&.2'(%!A#'(A&2%&2%(-'A0/A%%2'A-0-'A/22-% A
A@2A2(212.0A/0A:/0%A3@8!A%20(-%A/0A-0 %//0AA#
%A0'#20A/0A#/0%A0// 2(-%&10//'A2A10/'&2A0
.(-'A 0// 3(2#%A 2A 2#.&%0A $%&A /0A 12-0A 3@8!A 10/.-0-'A #'%A &0$$'&-'A -&0A /0A ,+:A )@?8"A %A ,+6A
)@?8" A
A@2A2(212.0A/0A:/0%A2A>2#
2'A4A%//0A#'-&.2'(%A#'%A/0A$%2'&%A-&0A/0A:/0%A,+*A%A/0A
:/0%A3@8 A
3/A10/'&%A%//0A:/0%A2A>2#
2'A0--&2 .2-0A0A#20#.(0A#'-&.2'(%!A#'%A%--'!A$.A%%&%A2/2'&0-'A0A
%.2-'A2A2(-%&1%(-2A#
%A&2.#'('A2/A&2#
2'A%//0A#'-&.2'(%A%!A.2(2!A#
%A2(#2'('A./A10/'&%A,+*A%'A
.//0A #0$0#2-A #
%A /0A -&.--.&0A $'2%%A &2$%--'A 0//'A -0-'A /22-%A %//0A 0/10.0&20A %//0A 12-0!A 10/.-0-'A
#'%A&0$$'&-'A-&0A/0A,+:A)@?8"A%A,+6A)@?8" A
A


' ) ')("+ '
+/-%&(0-210%(-%A0/A%-''A#'(1%(2'(0/%!A/22-0-0%(-%A0//%A-2$'/'2%A2(A.&0-.&0!A/ 0--&2 .2'(%A%//0A
:/0%A 2A >2#
2'A 0A .(A %22#2'A $.A %%&%A #'('--0A 0#%('A &2%&2%(-'A 0//0A $&'#%.&0A %#&2--0A 2(A
.%-'A$0&0&0' AA
%//'A $%#22#'A 2A %-%&2(0!A .//0A 0%A %//%A #0&0--%&2-2#
%A %//0A #'-&.2'(%!A /0A :/0%A 2A >2#
2'A 2A
0$$0&-%(%(0A0A$0&-2&%A0//0A#/0%A2A1./(%&0 2/2-A%2(2-0A0//0A@#0/0A*0#&'22#0A.&'$%0A)*@"A2A
%.2-'A&2$'&-0-0 A
A

A
A
#+' '%'#""')("+ ')#'(+ #*!)')((+'(+)''(!)#+*( '+(')"'!'#+ #+'

140
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 141

BLT 2.2020 – SISMABONUS

:9876543;2103/;.-,.+.,*);(;'.&%$%#.";,.;",.!. .;.-;*)'*);.,"-'.!. )'";&.- .&)$"-'";.-;)";)$$);'*''*5


);+"'. )$";";!.);$);+*$-").$.';",.);,.; .) *-);.-,.+.,*)-,%;; $).;,.;+*$-").$.';*.;.-,. )'";
%-;;;,);-%-; %-!%-,".; %-;$";$).;,.;. .%; ; %-;+*$-").$.'; " "-'";,)$;&",. ";;
)$;&",. ";;:9876543;.-,.+.,*);&";%#-.;'.&%$%#.);";%#-.; $)";,.;+*$-").$.';.$;+)$%";&. ; ",..$";
 " .%; "; $); ,.&".%-"; .-'%-%; ); ')$"; +)$%"; "&"); %-; .; +)$%.; &. ; &%).$.; $.-""; %-'.-*"; ";
"-%;&%).$.;%;),,..''*);" "
.%-)$.;$.-"";')''"##.)'";
:); +)$*')
.%-"; ,"$$); $)"; ,.; +*$-").$.'; -" ").); &"; $); ,"'".-)
.%-"; ,"$$); $)"; ,.; . .%;
,"$$); %'*
.%-"; .-; ")"; ",.)-'"; .$; "'%,%; "&$.!. )'%; ,"+"; """; %-,%''); .-; ,*"; &).; * 5
".+. ;
; ,"'".-)
.%-"; ,"$$); '.&%$%#.); '*''*)$"; "; "#$.%; ," .+"; $); %'*
.%-"; .-; ")"; "; ,"$$);
$)";,.;+*$-").$.';",.);+)$%";&. ; ",..$";)% .)');
;+)$*')
.%-";,"$$9"+"-'*)$"; %')"-'%;,)$$); $)";",.);); )*);,.;*-;"$"+)'%;,"#),%;,.;*-);
 ));*)$.'; %'*''.+);%;,"$$);&""-
);,.;&" *$.).'; ";&%%-%;.--" )";" )-..;,.; %$5
$)%;$% )$";&";+)$%.;&)'. %$)"-'";).;,"$$9)
.%-";.. );";)*"-')";$);+*$-").$.';#$%)5
$";
";$);,"'".-)
.%-";,"$$); $)";,.;+*$-").$.';",.);";&";$);+)$*')
.%-";,"$$9"+"-'*)$"; %')"-5
'%;*'.$";.!"."-'%;&*;""";!)''%;)$$";.-,. )
.%-.;.&%')'";.-;')"$$);;6.;%''%$.-"); %";-"$$9).'%;
,.;*"'";$.-"";#*.,);.);&"+.'%;$%; %')"-'%;,)$$); $)";",.);%$%;-"$;+"%;,.;*-;)*"-'%;,"$5
$);+*$-").$.';;
;
 

       
    
;

 
  
  
  

     
   

 
 
     

     

        
  


   

 
  
5;:"#)-'";,.; )''.+);*)$.';"%;
)"-'";

&."'); 5;.

%-')"-'.;,.;$"#-%;%; %5
;
#"

); *-*"; ))''".

)'.;,); ));
; ; ;

.#.,"

);"%;".'"-
);-"$;&%5
&.%;&.)-%;",.%;"; ))"-'";
%$$"#)'.; %-;$";&)"'.;&%')-'.;
5;.

%-')"-'.;,.;$"#-%;%;,.;)'5
'%-.;); %*-*"; ))''".

)'.;
)''%-.; ,); ));.#.,"

);"%;".'"-
);
,.;'"); -"$;&%&.%;&.)-%;",.%;"; ))5
; ; ; ;
 *,); "-'"; %$$"#)'.; %-;$";&)"'.;&%5
 ),%"; ')-'.;;
 5;8+"-'*)$";&""-
);,.;'"$).;,.;
 $"#-%;
5; %#."-'.;&";)*"-')";$); 5;6 ));*)$.'; %'*''.+);
".'"-
);),;";$.')'*";; 5;8$"+)'%;,"#),%;"%;,)--"#5
5;.

%-')"-'.;,.;$"#-%;%; %5 .)$')5
#.)"-'%;
&."'); *-*"; ))''".

)'.;,); )); "-'%;


; 5;6&.-'";%.

%-')$.;-%-; %-')5
%

)'); .#.,"

);"%;".'"-
);-"$;&%5 ,"$$";&)5
')'";
&.%;&.)-%;",.%;"; ))"-'"; "'.;
5;)--"$$.;*).;)$";)%5
%$$"#)'.; %-;$";&)"'.;&%')-'.;; ; ,);;
)'.;');$%%;
; ;
5;.

%-')"-'.;)$";)%5 );;
;
5;.

%-')"-'.;,.;)''%-.;%;,.; )'.;)$$";&)"'.;
;
$"#-%; ))''".

)'.;,); ));.#.5 5;&"'*";,.;"$"+)'";,."-5


)''%-.;%; 7" )-.5
,"

);-"$;&%&.%;&.)-%;",.%;"; .%-.;.-'"+)$$)'";,);) .;,.;


&."'); ; .;&)5
 ))"-'"; %$$"#)'.; %-;$";&)"5 .,%''";,."-.%-.;
$)+%)');
.)$.;%;,.;
'.;&%')-'.;; 5;""-
);,.;-*"%";-. 5
&.)-%;
; ."; ";.,* %-%;.#-.!. )'.5
&."'); 5;.

%-')"-'.;);+%$');%;,.;$"#-%; ; +)"-'";$)");".'"-'";,"$$); ,);;

141
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 142

BLT 2.2020 – SISMABONUS

>=<<;:9 :=6=4476;22=4;?/=?<:=6<=?6;.;/722=? >36=436=? =?&%?


:;=?876? 7-5?67<;<4712=?170?86586;5?8;=15? 9?,=674;?/;?707+=47?/;>71<;51;?
:5<4639 >7/;5? *0=6.)722=?7?=04722=(?151?:519
2;51;? 465+714=47?=?<3'';:;712=?
>5139
>714=0;?
9?:=6<=? 3=0;4?:5<46344;+=?
9?07+=45?/7.6=/5?7-5?/=117.9
.;=>7145?
9?,=11700;?>36=6;?>=07?=>>569
<=4;?46=?0565?
9?!6;22514=>714;?>=07?=>>569
;=04=9
<=4;?=007?8=674;?
9?"312;51=>7145?<:=450=67?/700=? >7145?
>=4451;?$? 9?,=11700;?>36=6;?=?/588;5?<46=9
:5<4632;517? /7007?8=9
<50=;? 45?:51?:=>76=?/#=6;=?
9?!6;22514=>714;?/;?:=0:7<463225? 674;?
/#707+=4=? 9?<<712=?454=07?5?8=62;=07?/;?
=6>=45?5?:5>31 37?:=6=4476;22=4;? ? /=?&?
6;.;/722=? &? :56/50;?
/=?707+=4=?6;.;/722=?170?86586;5? ? =?&%?
170?8659 9?8764367?/;?707+=47?/;>719
8;=15?>7/;5?71?:5007.=4;?=00=?>39 7::=1;9
86;5?8;=9 <;51;?;1476+=00=47?/=?>=<:);?/;?
6=436=? <>;?8=69
15?>7/;5? 6;/5447?/;>71<;51;?
? 2;=0;?5?/;?
9?,67<712=?/;?13>765<7?1;:9
8;=15?
:);7?:)7?6;/3:515?<;.1;';:=4;9
+=>7147?0#=67=?67<;<47147?/700=?
>36=436=?
9?,=674;?/;?707+=47?/;>71<;51;?
*0=6.)722=?7?=04722=(?151?:519
465+714=47?=?<3'';:;712=?
7::=1;9
9?:=6<=? 3=0;4?:5<46344;+=?
<>;?/5+39
9?07+=45?/7.6=/5?5?/=117.9
4;?=/?
.;=>7145?
7<7>8;5?
9?07+=4=? 3=0;4?/700=?>36=436=? 9?07+=4=?;667.50=6;4?;1?8;=14=?
=/?
6;1'562=4=?/=?674;?5?=667?/;?=:9 7-5?;1?=04722=?
31#766=4=?
:;=;5?7-5?67=0;22=4=?46=?46=+;?7?:59 9?,67<712=?13>765<=?/;?7079
/;<85<;9
=6>=4=? 05117?:)7?0=?6=::);3/515?;1?:566;9 >714;?1519<4634436=0;?:)7?>5/;9
2;517? /=?&?
7-5?:519 <851/712=?/;?4344;?7? 3=4465?;?0=4;? &? ';:=15?17.=4;+=>7147?;0?:5>9
/7.0;? =?&?
';1=4=? 9?!6;22514=>714;?/;?:=0:7<463225? 8564=>7145?05:=07?7-5?.05=07?
707>714;?
=6>=45?5?:5>31 37?:=6=4476;22=4;? 9?8764367?/;?707+=47?/;>719
151?<46349
/=?707+=4=?6;.;/722=?170?86586;5? <;51;?;1476+=00=47?/=?>=<:);?/;?
436=0;?:)7?
8;=15?>7/;5? 6;/5447?/;>71<;51;?
85<<515?
9?,=674;?/;?707+=47?/;>71<;51;?
6;/3667?0=?
*0=6.)722=?7?=04722=(?151?:519
/344;0;4?
465+714=47?=?<3'';:;712=?
.05=07?
?
=?:0=<<7?/;?+30176=;0;4?;1?670=2;517?=00=?876;:505<;4?/70?<;45?;1?:3;??05:=0;22=45?07/;';:;5?:566;<851/7?
=?31=?0=<<7?/;?;<:);5?,76?<7>80;:;4?0=?876;:505<;4?/70?<;45??;1/;+;/3=4=?=446=+76<5?0=?251=?<;<>;:=?
/;?=88=6471712=?:5<?:5>7?/7';1;4=?/=00!,? ?/70? - - ?7?<3::7<<;+7?>5/;';:)7?7?;1479
.6=2;51;?
?:5<?85<<;;07?/7';1;67?07?:566;<851/7127?46=?:0=<<;?/;?+30176=;0;4?& ?& ?&?7?:0=<<;?/;?6;9
<:);5?$???:5>7?;1/;:=45?;1?4=700=?%?,76?/;<4;1.3767?0=446;32;517?/;?:0=<<7?>7/;=147?;0?>745/5?
<7>80;';:=45? /=? 3700=? 5447134=? >7/;=147? ;0? >745/5? :51+712;51=07? 07? :0=<<;? 54471347? :51? ;0? >745/5?
<7>80;';:=45?<515?:5146=<<7.1=47?/=?31?=<476;<:5?*$??(?
?
   
      

 
 



?
  
  
 
 
 

$? ,?? % ? ? ? ? & ??& ?
? % ,  ? ? ? & ??& ? &??&?
?  , %? & ? & ??& ? &? &%?

142
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 143

BLT 2.2020 – SISMABONUS

JIK HGFEDCBA@?GFEK >?K >=K ><K >;K


:IK ?GFEDCBA@=GFEK >=K ><K >FK9K>;K K

8IK =GFEDCBA@<GFEK ><K >FK K K


7IK <GFEDCBA@6GFEK >FK >;K K K
432HF1
5IK 6GFEDCBAK K >;K K K K
K
+*)('&%$#%'&")%)$%! &"#)  ")")! %)")$"")
50/K/.-,+*,.-/K)(..'K0'K&%'$'K#/K"/-/!(+,K/0K+/&%)/'GK%'.K, ,--/K&/(K&0K$(+(",-+'KCBAK&/(K&00/.#/%,K>K
8&&/K$'&&'.'K/.-,+,&&(+,K,0,",.-/K&-+--+(0/K,'K,0,",.-/K.'.K&-+--+(0/GK/.K+,0(/'.,K(00,K%(+,.,K&$,
%/ /%),K#,00(K&/.!'0(K%'&-+/'.,K
K

-/0/(.#'K /0K ",-'#'K %'.*,./'.(0,GK 0, ,--'K #,!0/K /.-,+*,.-/K $,+K 0(K +/#/'.,K #,0K +/&%)/'GK /.K -,+"/./K #/K
.",+'K#/K%("/K#/KJ0(&&,K#/K/&%)/'K%'.&,!/-/GKK (%/0",.-,K#,-,+"/.(/0,K*(0-(.#'K0(KJ0(&&,K#/K/
&%)/'K#,00(K%'&-+/'.,K/.K,&(",K.,00(K&/-(/'.,K$+,/.-,+*,.-'K,K$'&-/.-,+*,.-'K
-/0/'K#,0K",-'#'K%'.*,./'.(0,K%'"$'+-(K0'.,+,K#/K*(0-(+,K/0K%'"$'+-(",.-'K!0'(0,K#,00(K%'&-+
/'.,GK/.#/$,.#,.-,",.-,K#(K%'",K0/.-,+*,.-'K&-+--+(0,K&/K/.(#+/K.,00("/-'K#,00,K3'+",K,%./%),K
$,+K0,KJ'&-+/'./K(#,!(",.-'GK"/!0/'+(",.-'K'K/.-,+*,.-'K0'%(0,KC,+-(.-'GK(.%),K0(##'*,K&/K,&,
!(.'K#,!0/K/.-,+*,.-/K0'%(0/K#/K+( '+(",.-'GK%),K(/K&,.&/K#,00,K&##,--,K.'+",K$.-'K <=K+/%)/,#'
.'K &'0'K 0(K *,+/ /%(K (K 0/*,00'K 0'%(0,GK 0(K *,+/ /%(K !0'(0,GK ,&%0&/*(",.-,K $,+K /.(0/- K #/K (--+//'.,K #,00(K
%0(&&,K,K&,.(K/.K(0%.K"'#'K/.%/#,+,K&00,K$+'%,#+,K(""/./&-+(-/*,K$+,*/&-,K$,+K-(0/K/.-,+*,.-/GK#,*,K
,&&,+,K%'".,K,&,!/-(K$,+K(--+//+,K0(KJ0(&&,K#/K/&%)/'K%'.K/0K",-'#'K%'.*,./'.(0,K.K-(0K%(&'GK
%'".,GK&/K(*+ K0(K (%'0- K#/K,&,!/+,K.K.",+'K#/K/.#(!/./K/. ,+/'+,K(K,00'K$+,*/&-'K#(00,K3'+",K
$,+K/0K+/&$,--/*'K0/*,00'K#/K%'.'&%,.(K(#'--(-'KBK,&-'K$+'$'&/-'GK(/K&,.&/K#,00,K3'+",K,%./%),K$,+K0,K
J'&-+/'./GK&/K+/%'+#(K%),GK( /.%) K$'&&(K(--/*(+&/K/0K%'"$'+-(",.-'K!0'(0,GKK.,%,&&(+/'K%),K&/(.'K
&-(-/K$+,0/"/.(+",.-,K,0/"/.(-/K/K",%%(./&"/K0'%(0/K0(K%/K(--/*(/'.,K$'-+,,K/"$,#/+,K.(K+/&$'&-(K#/K
-/$'K!0'(0,K
K
  
(.#'K0(KJ0(&&,K#/K/&%)/'KK&-(-(K(&&,!.(-(K(00,#/ /%/'K",#/(.-,K/0K",-'#'K&,"$0/ /%(-'GKK$'&&//0,K
+/-,.,+,K*(0/#'K/0K$(&&(!!/'K(00(KJ0(&&,K#/K/&%)/'K/"",#/(-(",.-,K&$,+/'+,K&'0'K(.#'K&/(.'K&'##/
& (--,K(0%.,K%'.#//'./KC,+K!0/K,#/ /%/K%'.K&-+--+(K#/K"+(-+(K,&&,K&'.'K/.#/%(-,K.,00(K-(,00(K;K,.
-/- K #,!0/K /.-,+*,.-/K #,*,K ,&&,+,K -(0,K #(K .'.K $+'#++,K &'&-(./(0/K "'#/ /%),K (0K %'"$'+-(",.-'K #,00(K
&-+--+(K.,0K&'K/.&/,",K,K#(K%'.&,.-/+,K/.#/K0/.(#+(",.-'K%'",K/.-,+*,.-/K0'%(0/GK%'.K+/ ,+/",.-'K
(00,K"+(-+,K
K

     
 

K
(() ()
) ( () () (() ()) ()
(() ()  
 )) ( ) (
() ()
$/,-+(K!+,(K
3'.K($$0/%(/0/KK
"(--'./K#/K-,++(K .'.K&'.'K+/&$,--(-,K0,K%'.#//'./K#,0K=?K K >;K
%+#(K(#',K
88J38K:8K8583K38>83K KC,+&,!/+,K.K%'"

38BK3KB8K $'+-(",.-'K#/.&/,",K

K/$+/&-/.'K#,00,K'.,K#(..,!!/(-,K,'K#,!+( +,!'0(+,K,K&%(-'0(

#(-,K +,K4321K
K
K80/"/.(/'.,K#,00,K&$/.-,K'+/'.-(0/K.'.K%'. KC'&-/%/$(+,K
$/,-+(K&'(-(K -+(&-(-,KK 0(--/*(/'.,K#,/K",% #(K>;K(K>FK
K-(/0/(/'.,K '+/K$/(.'K#,00,K$(+,-/K#/K,0, %(./&"/KK
*(-,K#/",.&/'./K0(+!),(K,K(0-,(KK 0'%(0/K,'K '+/K#,0K$/(
KJ'00,!(",.-'K#,/K$(..,00/K"+(+/K(!/K'+/ .'GK+/&$,--'K
'.-(",.-/K (00(--/*(/'.,K#,/K",%
K %(./&"/K!0'(0/K

143
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 144

BLT 2.2020 – SISMABONUS

;:98768:9;<5432;159;<05<:/:</..-;,
+59/7;<
,<7*)('*&%$<)$##$<"!$ ( $<)*<$#$"$<)*$%,
*&%*<&! "(&<$<*%$ "##"$<)"<"*<)*<
*)&$<)*$%*&%*<
83814;/:8<8;<38+48:9;<;:98768:9;<
34--;:9875<4:;9<397499475-8<
,<7*! **%&<)$##$<'&%$<)"%%$*"$<$&<)$ ",
)"$< ,<2$ $(* $<(%<&,
,<8#**%"'*&%$<)$##$<!*%$<& *''&%"#*<%&%<&%, !& "$%&<)*%*$$<
 ""$< $&#" $<$<"&#" $ <
:

,<3"*#*''"'*&%$<(& *<!*"%&<)$##$<!" $*<)*<$#$, <
"$<)*$%*&%*<#" $''"<$<"#$''"< ,<2&**!" $<
)"<6<"<6<
,<1&##$"$%&<)$*<!"%%$##*<( " *<"#*<& *', #"*"'*&%$<)$*<$,
'&%"$%*<< "%**<#&"#*<$&<(& *<
!*$ "<"**"< < )$#<!*"%&< *!$&<
!$ <& ('*&%*< ;:98768:9;<5432;159;<05<:/:</..-;, "##"*"'*&%$<)$*<$,
&%($%"#*< +59/7;< "%**<#&"#*<
,<7*)('*&%$<)$##$<"!$ ( $<)*<$#$"$<)*$%,
*&%*<&! "(&<$<*%$ "##"$<)"<"*<)*<
*)&$<)*$%*&%*<<
,<2$ $(* $<(%<&,
83814;/:8<8;<38+48:9;<;:98768:9;< !& "$%&<)*%*$$<
34--;:9875<4:;9<397499475-8< $&#" $<$<"&#" $ <
,<7*! **%&<)$##$<'&%$<)"%%$*"$<$&<)$ ", :
< )"<6<"<6<
)"$< ,<7*)( $<"#<*%*&<*#<
,<0$"<*%<*( $''"<)*<$#$$%*<%&%< (( "#*< **&<)*<)"%%&<"#*<
$#$$%*<%&%< (( "#*<
83814;/:8<8;<38+48:9;<;:98768:9;<
34--;:9875<4:;9<397499475-8<
,<7*! **%&<)$*<)"%%*<&<)$##$<'&%$<)$ ")"$< ,<2$ $(* $<(%<&,
,<8#**%"'*&%$<)$##$<!*%$<& *''&%"#*<%&%<&%, !& "$%&<)*%*$$<
 ""$<< $&#" $<$<"&#" $ <
:

,<3"*#*''"'*&%$<(& *<!*"%&<)$##$<!" $*<)*<$#$, <
"$<)*$%*&%*<#" $''"<$<"#$''"<< ,<2&**!" $<
,<1&##$"$%&<)$*<!"%%$##*<( " *<"#*<& *', #"*"'*&%$<)$*<$, )"<6<"<6<
'&%"$%*< "%**<<
< #&"#*<$&<(& *<)$#<!*",
"&%*<&<!*$ "< ;:98768:9;<5432;159;<05<:/:</..-;, %&< *!$&<
#"& ""< +59/7;<< "##"*"'*&%$<)$*<$,
<7*)('*&%$<)$##$<"!$ ( $<)*<$#$"$<)*$%, "%**<#&"#*<
*&%*<&! "(&<$<*%$ "##"$<)"<"*<)*<
*)&$<)*$%*&%*<
,<2$ $(* $<(%<&,
83814;/:8<8;<38+48:9;<;:98768:9;<
!& "$%&< $&#" $ <
34--;:9875<4:;9<397499475-8<
$<"&#" $ < :
<
,<7*! **%&<)$##$<'&%$<)"%%$*"$<$&<)$ ", )"<6<"<6<
,<7*)( $<"#<*%*&<*#<
)"$<
**&<)*<)"%%&<"#*<
,<0$"<*%<*( $''"<)*<$#$$%*<%&%< (( "#*<
$#$$%*<%&%< (( "#*<
83814;/:8<8;<38+48:9;<;:98768:9;< ,<2$ $(* $<(%<&,
34--;:9875<4:;95<397499475-8< !& "$%&< $&#" $ <
,<7*! **%&<)$##$<'&%$<)"%%$*"$<$&<)$ ", $<"&#" $ < :
<
)"$< ,<+" "%* $<
"&%*<<&#"*<)*< ,<8#**%"'*&%$<)$##$<!*%$<"<(&&< (%")$(""< *)* *(,
$#$""< **)$''"< ,<3"*#*''"'*&%$<(& *<!*"%&<)$##$<!" $*<)*<$#$, '*&%$<)$##"'*&%$<& *', )"<6<"<6<
%$#<! &! *&<!*"%&< "$<)*$%*&%*<#" $''"<$<"#$''"< '&%"#$< "<*<!"%%$##*<
,<3"*#*''"'*&%$<)$#<!" "$%&<*%$ %&<)$*< ( " *<
!"%%$##*<( " *<&%<"$ "<)" *"< ,<2&**!" $<*<$",
< %**<#&"#*<$&<(& *<
;:98768:9;<5432;159;<05<:/:</..-;, )$#<!*"%&< *!$&<

144
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 145

BLT 2.2020 – SISMABONUS

@?>=<;A 122%1..9-169543A839A,3(+
:A<98769543A83223A103/.7/3A89A323-1.3A89,34+ (149*,9A$25#129A
*9549A)*50/1..7..5A*3A94.3/-1221.3A81A,1*('9A89A
/985..3A89,34*9549&A
+A3/*3$79/3A74A(5,+
"!" ;="A";A!"@">;A;>"<">;A
05/.1,34.5A/3$521/3A
!%;>"<?A;>A!><>><?"A
83221A*./7..7/1AA
+A<90/9*.945A83223A6543A81443$$91.3A35A83$/1+ 81AA1AA
+A949,9661/3A92A81445A
81.3AA
1$29A323,34.9A454A
+A3**1A94A*9(7/3661A89A323,34.9A454A*./7..7/129A
*./7..7/129A
"!" ;="A";A!"@">;A;>"<">;A
!%;>"<?A;>A!><>><?"A +A3/*3$79/3A74A(5,+
+A<90/9*.945A83223A6543A81443$$91.3A35A83$/181.3AA05/.1,34.5A/3$521/3A
+A!.1#92966169543A 75/9A09145A83223A01/3.9A89A323+ 83221A*./7..7/1AA
-1.3A89,34*9549A)21/$'3661A3A12.3661&A +A5*.9(901/3A
A 2%1..9-169543A839A,3(+ 81AA1AA
;>"<">;A?!; ?>;A?A=A= ;+ (149*,9A25(129A3A5A 75/9A
@?>=<;A 09145 A/9*03..5A
/94 5/61.1A35A +A<98769543A83223A103/.7/3A89A323-1.3A89,34+ 122%1..9-169543A
(54 941.1A *9549A)*50/1..7..5A*3A94.3/-1221.3A81A,1*('9A89A 839A,3((149*,9A$25#129A
/985..3A89,34*9549&A
+A3/*3$79/3A74A(5,+
"!" ;="A";A!"@">;A;>"<">;A
05/.1,34.5A/3$521/3A
!%;>"<?A;>A!><>><?"A
83221A*./7..7/1AA
+A<90/9*.945A83223A6543A81443$$91.3A35A83$/1+ 81AA1A
A
+A<987//3A12A,949,5A92A
81.3A
/9*('95A89A81445A1$29A
+A3**1A94A*9(7/3661A89A323,34.9A454A*./7..7/129A
323,34.9A454A*./7..7/129A
A
322 1,#9.5A 83223A (5*./769549A 83*.941.3A 18A 1..9-9.A 0/587..9-3 A 03/A 23A *./7..7/3A 1**9,921#929A 19A (10144549A
9487*./9129A A 05**9#923A /9.343/3A -12985A 92A 01**1$$95A 1221A 21**3A 89A <9*('95A 9,,3891.1,34.3A *703/95/3A
3*3$73485A*521,34.3A94.3/-34.9A25(129A89A/1 5/61,34.5 A14('3A94A1**3461A89A741A0/3-34.9-1A1../9#7695+
43A83221A 21**3A89A<9*('95 A*3A*545A*5889* 1..3A23A0/3*(/969549A432A*3$79.5A3234(1.3 A-52.3A18A329,941/3A
*7221A(5*./769543A.7..3 A5-3A0/3*34.9 A23A(1/3463A*3$734.9A
+A (1/3463A 43223A 749549A ./1A 323,34.9A *./7..7/129A )18A 3*A ./1-3+0921*./5A 3A (503/.7/1+./1-9& A /9*03..5A 1223A
169549A*9*,9('3A81A*5005/.1/3A3 A(5,7473 A-52.9A1A/3129661/3A*9*.3,9A89A(5443**9543A14('3A,3(+
(149(1A03/A23A749549A#1*1.3A94A5/9$943A*52.14.5A*722 1../9.5A
+A(1/3461A83221A(5443**9543A./1A92A*9*.3,1A89A.1,0541.7/1A3*.3/41A83$29A389 9(9A0/3 1##/9(1.9A)01443229A
0/3 1##/9(1.9A94A(12(3*./7665A1/,1.5A38A1223$$3/9.9&A3A21A*./7..7/1A05/.14.3A
+A(1/3461A89A*.1#929.A839A*9*.3,9A0/3*34.9A94.3/41,34.3A12A(10144543A9487*./9123 A7129A,1(('941/9 A
9,0914.9A35A*(1 121.7/3 A.909(1,34.3A(54.347.9A43$29A389 9(9A0/587..9-9 A('3A05**545A9487//3A81449A12+
23A*./7..7/3A('3A29A5*09.145 A94A714.5A0/9-9A89A*9*.3,9A89A(54./5-34.1,34.5A5A03/('A9485..9A12A(5221*+
*5A812A25/5A(54.347.5A
9A 1..5 A 79489 A 14('3A 03/A .129A (5*./769549A A 43(3**1/95A /9,75-3/3A 23A (17*3A ('3A 05**145A 81/3A 275$5A
122 1..9-169543A89A,3((149*,9A25(129A('3 A1A(1*(1.1 A05./3##3/5A$343/1/3A92A(5221**5A8322 9,,5#923A
322 94.3/-349/3A*7A.129A(5*./769549AA(5,7473A5005/.745A('3A92A89,34*9541,34.5A839A(5223$1,34.9A1-+
-34$1A(54A/9 3/9,34.5A12A(/9.3/95A89A$3/1/('91A83223A/3*9*.3463 A185..1485A(5223$1,34.9A87..929 A0/3-3834+
85A *9*.3,9A 89A 14(5/1$$95A 3 9(1(9 A 3A 03/.14.5A 254.149A 819A 23,#9A 3*.3/49A 83$29A 323,34.9 A 3A 985439A *9*.3,9A
14.9(187.1/9#12.1,34.5 A21885-3A454A*9A/93*(1A1A29,9.1/3A94A12./5A,585A$29A*05*.1,34.9A
3/A$29A389 9(9A94A(12(3*./7665A1/,1.5 A14125$1,34.3A1A714.5A*50/1A83..5A03/A23A*./7..7/3A1**9,921#929A19A
(10144549A9487*./9129 AA0/3-9*.1A21A05**9#929.A89A/9.343/3A-12985A92A01**1$$95A1221A 21**3A89A<9*('95A9,+
,3891.1,34.3A*703/95/3 A3*3$73485A*521,34.3A94.3/-34.9A25(129A89A/1 5/61,34.5A38A14('3A94A1**3461A
89A 741A 0/3-34.9-1A 1../9#769543A 83221A 21**3A 89A <9*('95A 9A A 05**9#923A *52.14.5A *3A 21A *./7..7/1A A *.1.1A
5/9$941/91,34.3A(54(309.1A(54A21A0/3*3461A89A.3219A94A34./1,#3A23A89/369549A3A*3A*1/1445A3*3$79.9A.7..9A$29A
94.3/-34.9A*3$734.9A
+A(54 941,34.5A89A.7..9A9A4589A03/9,3./129A454A(54 941.9A8322 389 9(95A
+A503/3A-52.3A1A*(54$97/1/3A92A/9#12.1,34.5A83223A.1,0541.7/3 A(5,097.3A*7A.7..3A23A.1,0541.7/3A03+
/9,3./129A0/3*34.9A*7223A 1((91.3A
+A3-34.7129A503/3A89A/90/9*.945A83223A6543A81443$$91.3A35A83$/181.3A
A

145
BLT022020_testi.qxp_Layout 1 18/02/20 14:41 Pagina 146

BLT 2.2020 – SISMABONUS

! !!!! !  !  


  ! 
    


146
BLT022020_testi.qxp_Layout 1 18/02/20 14:41 Pagina 147

BLT 2.2020 – SISMABONUS

147
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 148

BLT 2.2020 – SISMABONUS


QPONMLRKJRIHGFEFDJRCHBBAR@?J?ARBF>F?HRCFR@JBIJ=<JGCFJRCHBBJRIF?JR;RIAB?JRJR>F9F>F88JGHRFBRGF@D7FARCFR6HGCF?HR
<>J9HR>JR;R5H9HR?H9HGR6GH@H9?HRD7HR?JBHRGF@D7FAR9A9R6<4R>JFRGFC<G@FRJR8HGA3RDA@2RDA>HRJ9D7HRDA9RFBR
GJ==F<9=F>H9?ARCHBBAR@?J?ARBF>F?HRCFRCJ99AR@FR6A?GH55HGARIHGFEFDJGH3R@H66<GRF9R>J9FHGJRJ@@JFR6F0RH6F@ACF/
DJ3RCHBBHR6HGCF?HR<>J9H.RQP-LR
QPON,LRK+F9CFDHRCFRGF@D7FAR;R@?J?ARF9?GACA??ARCJBBJR*GCF9J98JRCHBR)GH@FCH9?HRCHBR(A9@F=BFARCHFR'F9F@?GFR9.R
&&%,$,##"R! ..R9.RM%RCHBRM%$#$,##"3RHRF9CFDJ?ARDA>HR<3RJBREF9HRCFR>AC<BJGHRFREF9J98FJ>H9?FR@?J?JBFR
6HGR=BFRF9?HGIH9?FRCFRGFC<8FA9HRCHBBJRI<B9HGJ5FBF?R@F@>FDJRCHBBHRDA@?G<8FA9F.RQP-LR
QPON&LRKJCCAIHR@FRIJB<?FRFBR)'RGFDAGGH9CARJBBJRCH?HG>F9J8FA9HRCHFR6<9?FRDAGGF@6A9CH9?FRJR@ABFRC<HR@?J?FRBF>F/
?H3RJFR3RCH=BFRJB?GFRC<HR@?J?FRBF>F?HR6A?GJ99ARH@@HGHRJ??GF5<F?FRFRIJBAGFRK*RNRM3%K3RK(RNR#3"K.RQP-LR
QPON"LRKJRGHBJ8FA9HREAG9F?JR;R>HCFJR@<BB+F9?HGAR?HGGF?AGFAR9J8FA9JBHR6HGRGFEHGFG@FR6F0R6<9?<JB>H9?HRJBB+F9?H9/
@F?R@F@>FDJRCFRJ66JG?H9H98JR@FR6A@@A9AR<?FBF88JGHRBHREAG><BHRJ66GH@@ARGF6AG?J?H3RDA9RGFEHGF>H9?ARJBB+JD/
DHBHGJ8FA9HR>J@@F>JR@<RGADDFJRJ=.RORIJBAGFR@A9ARRNRM$#3"R6HGRJ=RR#3,=RRNRM$#3"&R6HGR#3,R=RRJ=RR
#3MR=RRNM$#3&%R6HGR#3M=RRJ=RR#3#R=RRNRM$#3&"R6HGR#3#R=RRJ=.RQP-LR
QPONLRORIJBAGFRGF6AG?J?FRF9R?J5HBBJREJ99ARGFEHGF>H9?ARJR@F?<J8FA9FR?F6FD7HRCFRHCFEFDFRDA9R@?G<??<GJRF9RD.J.RHRF9R
><GJ?<GJR6HGRDFIFBHRJ5F?J8FA9HRHR7J99AR6HG?J9?ARDJGJ??HGHRCFRDA9IH98FA9JBF?R6HGRHCFEFDFRDA9RDJGJ??HGF@?F/
D7HR CFIHG@H3R DA>HR JCR H@H>6FAR <HBBFR F9R D<FR BHR A6HGHR CFR EF9F?<GJR HR BHR DA>6A9H9?FR F>6FJ9?F@?FD7HR 7J99AR
DJGJ??HGHR 6GH6A9CHGJ9?HR 9HBBJR IJB<?J8FA9HR CHFR DA@?F.R <DDH@@FIHR F>6BH>H9?J8FA9FR CHBBHR 6GH@H9?FR BF9HHR
=<FCJR6A?GJ99ARCHEF9FGHRF9R>J9FHGJR6F0R6<9?<JBHRFBR?GJ??J>H9?ARCFR?JBFR@F?<J8FA9F.RQP-LR
QPON%LRFR@A??ABF9HJRD7HRBJREAG><BJR;RIJBFCJRJ9D7HR9HFRDJ@FRF9RD<FRFBR?H>6ARCFRGF?AG9ARGHBJ?FIARJRKRHRK*R
@FJR@<6HGFAGHRJBR?H>6ARCFRGF?AG9ARCFRK3R<9JRIAB?JRD7HR@FJR@?J?AR6A@?ARDA><9<HRDA>HRBF>F?HR@<6HGFAGHR
CFR?JBFRIJBAGFRFBR?H>6ARCFRGF?AG9ARCFRK.RB9RJB?GFR?HG>F9FR@FRJ@@<>HR
!KRNR>JRQ!K3 !KL3 !K*RNR>JRQ!K*3R!KL.RQP-LR
QPONLR)<4RJDDJCHGHRD7HRBJRDBJ@@HRCFRGF@D7FARF9CFIFC<J?JR6HGRBAR@6HDFEFDARDA@?G<8FA9HR9A9RBJRGJ66GH@H9?FR
F9R >ACAR DAGGH??A3R @6HDFHR @HR FR IJBAGFR CHFR 6JGJ>H?GFR D7HR CHEF9F@DA9AR BHR C<HR ?F6ABA=FHRCFR DBJ@@F3R CJR D<FR CF/
@DH9CHRBJRDBJ@@HRCFRGF@D7FA3RDJCA9ARF9R6GA@@F>F?RCH=BFRH@?GH>FRCH=BFRF9?HGIJBBF.RQP-LR
QPONLR (*POKR R K+*)3R (J7FHG@R C<R (H9?GHR <GA6 H9R CHR AC 9J>F<HR H?R CHR  F@>ABA=FH3R
AB<>HRM3R<GA6HJ9R'JDGA@HF@>FDRDJBHRM3RCF?AGR .R 
PK3RK<H>5A<G=RM.RQP-LR
QPONLR )HGR DA>6AG?J>H9?AR @DJ?ABJGHR @FR F9?H9CHR <HBBAR DA9@H=<F?AR >HCFJ9?HR FBR DABBH=J>H9?AR ?GJR =BFR
HBH>H9?FR><GJGF3RHR?GJR<H@?FRHR=BFRHBH>H9?FRAGF88A9?JBF3RD7HRHBF>F9JRAR6HGR<J9?AR6A@@F5FBHRBF>F?JRFR>HD/
DJ9F@>FRBADJBFRE<AGFRCJBR6FJ9AR!6HGRBAR6F0RGF5JB?J>H9?FRCH=BFRHBH>H9?FR><GJGF.R)HGRDA>6AG?J>H9?ARGH=ABJ/
GHR @FR F9?H9CHR <HBBAR D7HR >A5FBF?JR 6HGR <J9?AR 6A@@F5FBHR DA9?H>6AGJ9HJ>H9?HR BHR GH@F@?H98HR 9HBR 6FJ9AR
CH=BFRHBH>H9?FR><GJGFR6GF9DF6JBF.RQP-LR
QPONM#LRPCRPHBR?H@?ARAGF=F9JBHRHGJRHGGA9HJ>H9?HRF9CFDJ?AR&.RQP-LR
QPONMMLRADHRDAGGH??JRCJBBJRGHCJ8FA9H.ROBR?H@?ARAGF=F9JBHRGF6AG?JIJRM##RRO/.RQP-LR
QPONM,LRBBH=J?AR@A@?F?<F?ARCJBR.R'F9.RO9EGJ@?G<??<GHRHRGJ@6.R#$#&$,#M3R9.R%RHRCJBR.R'F9.RO9EGJ@?G<??</
GHRHRGJ@6.R#$#M$,#,#3R9.R,".RQP-LR
QPONM&LR(A>>JR@A@?F?<F?ARCJBR.R'F9.RO9EGJ@?G<??<GHRHRGJ@6.R#$#&$,#M3R9.R%.RQP-LR
QPONM"LR(A>>JR@A@?F?<F?ARCJBR.R'F9.RO9EGJ@?G<??<GHRHRGJ@6.R#$#M$,#,#3R9.R,".RQP-LR
QPONMLRADHRDAGGH??JRCJBBJRGHCJ8FA9H.ROBR?H@?ARAGF=F9JBHRGF6AG?JIJR3RR)'.RQP-LR
QPONM%LR)JGABHR@A@?F?<F?HRCJBR.R'F9.RO9EGJ@?G<??<GHRHRGJ@6.R#$#M$,#,#3R9.R,".RQP-LR
QPONMLRADHRDAGGH??JRCJBBJRGHCJ8FA9H.ROBR?H@?ARAGF=F9JBHRGF6AG?JIJRO/RRM.RQP-LR
R

148
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 149

BLT 2.2020 – PROFESSIONE

/.-,+*0

)(&%%$#"!& $$!%%&$)$#$$)
$!%%$$%$#$#$
)('&&)%$'0 #%0 "!!% "%'/0 '!!%'/")0 0 )"0 !"0 "%'0
/5;0 90 9;9;4350 73950 ;<<(5<9:50 90 7889276954;0 5;889547<;0 0
"/#'0 0'&&)%$"'%'0"%
"0)"0')%"0 0'!!%'/")0
'<9:50 78892739 50 ;<0 5;8895498370 940 :;4;7<;0 7890 73925<790
548;:;46;0 ;<<70 74274670 ;<<70 5<96670 0 '//%0 #))"0 ')%"0
 0 '!!%'/")0 990 90 ;854879<930 25;3;0 7<<70 5<96670
5;889547<;0<;;435085::;339 5025<705<50;025<70:7 ;0"339 93025;370
5<966;07<<0980;0709829045947390<;;43908;299290;02<785<;0;<0254373350
78892739 50 0 "!%0 "% %0  59<76954;0 ;<0 ;839547950 ;0
9457695490 70 549;0 #;442970 ;<0 89498350 0 $)'!!"%'0 #%0 %/%0
"!!% "%
%10
      
9
9
)()$$&%%$#"!& $!%%$&))&%"&!&$
   

879654679352210/.-9,93529+-*-)-9('&(%&$(#$"94-9#!'9 72935/5.959090..0.9209/7/0935279/37
4054.79 352259 275/59 /5667479 
"9 09 609 2.09 5040.9 9 04.9 02210667/07459
/56674025997490..07459352210/.-9!93529+--9#!&(%&$(##"94-9#!%"925..5/099352909,"9729
/5667476.0976/7..90949029 9.54.9096.720/597345090667/07459379) 9/56674025909
5/./093579667727930447935/704.7930221565/779352210..77.
-9
127974956.7459 954./0.97497/590935//5/593029#,&(%&$(#!9 09!9352210/.-9,93529
+-*-)-9#!'&$(#$-9
9
!
(          
)0.79352212793793.0/6793794097345090667/07459/566740259 93459 5956277
.054.5974370.930220925..5/099352909,9352210/.-9!93529+--9#!%&$(##95229379..520/59729
2754.5"9 04.5454329 74354459 3079 6677279 304479 59 66049 60./7/59 302210..77.
9 62.09 3029
/5667476.0"9 779 /5609 21554.0259 0..77.
9 379 6.3709 379 354.79 59 02/79 /75.79 3029
2754.596.566-9
522096.56609..70"9729/5667476.09 902./569.54.909
974370/590292754.5"902210..9352209/75745935221740/7"927956./579352209270959729/520.79
06670259 4754595/.04.9029/5667476.097465/7/59.02797437074797490475/095/0454
.59452209//7090/.0974.56.0.094494579352279379/554.795&94./0..9315/09.7270
.79
9470/59.556.7054.59554.02790/707479352209270993529/520.7906670259 .0
259279 95/.04.9309/7.545/67966676.54.596295/69792754.7945794/4.7935790279796709
49740/79749/6937962754.997490659/527740/5937905..0745-9
5953/59749657."9729/57454.5969352210667/07459379..520/597292754.597427659
62954.97497960..092127937905/592095/./0974909029/5667476.0-91279 9
740..7974204.59629749/56540937949/0/.937/5..93792754.5209593522155..77.
9352209/5
6.07459/56674025"954./59209620976/774590221/374599 22579/5667402594490960.
.0/59212793795/./090667/0.70-9
40927090667/0.709/566740259/0/5654.095/02./904594097437654607259..52095/9729
/5667476.096.566"95974906654093795/./0960/559700.909/76435/595/974.5/949729

149
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 150

BLT 2.2020 – PROFESSIONE

654653476215304/3476.5-4/2,.73/7+2-47*37.)./1(2,3753+'3.-1.7*3753-25+30./14&7
%3$753-(,12762513+4,250./1.7.)3*./1.7/.,7+2-47*.37654".--34/3-1371.+/3+3!73/7)351 7*.,,.752/*375.
-64/-23,317+'.7(.-137(,13037-372--(04/47+4/7,27654653272113)31!72*7.-.06347"3502/*47(/7654
.1147-15(11(52,.!7*3+'3252/*47,275.4,25317(52/3-13+4.*3,3327*37(/27%765.-./121272,7%40(
/.!7+4,,2(*2/*47(/46.52747(/3/"52-15(11(52!7.++&7
7
7
('&%$#"!"#&##"&&"&"#&""##%&"
# " 
  ""     "" "
2764,327*37%7654".--34/2,.77"3/2,321277-.+4/*47,.7/450.7,.3-,213).7+'.7/.7'2//4765.)3-147
,4,347727+46535.737*2//37*.53)2/1372,7+,3./1.7*2,,.-.5+3347*.,,2113)317654".--34/2,.&7
4,347753,.)2/1.7-327-(,7632/47+4/15211(2,.7653)213-13+47+'.7-(,7632/47*3-+36,3/25.76(,3+3
-13+477)27*(/(.7+455.,21472,,.-3-1./27*37(/2113)317654".--34/2,.!7152031.7,27(2,.!7
 
   !73,7654".--34/3-127-)4,27(/2765.-1234/.7/.37+4/"54/137*37(/7+400311./1.76(,3
+4747653)214&7
.7+4/-.(.73/71.503/3765213+37+'.7*.-13/212537*.,,4,347/4/7 53-(,12/473/*3-13/120./1.7 1(1137 37
654".--34/3-1373-+5311372,372,3!7027-4,20./1.7+4,454737(2,37.-.5+313/47,27654".--34/.7
73/704*477-.66(5.74++2-34/2,.7+'.7232/47+3472,0./47(/7+,3./1.!7


73/7"45027  7+'.7-3764--2/47+347(2,3"3+25.7+40.7


 7.7/4/7.-.5
+313/473/).+.7+40.7,2)45214537*36./*./1376(,3+3747653)213&7
/7 65213+2!7 .7 65.-+3/*./*47 *2,,27 /21(527 *2,7 -4.1147 +400311./1.7 /4/+' 7 *2,,27 1364,4327 *.,,27
65.-1234/.7-)4,12!7(2/*47(/7654".--34/3-1273-+5311472,,2,47*3753".530./147*.,,27+21.45327.-.
(273/765465347(/2113)317*37+25211.5.7654".--34/2,.!7-2571./(147270(/35-37*373*4/.2764,3272--3
+(5213)2!7*2/*472,15.- 7654)27*.,,27."".113)27.-3-1./27.7+4/-3-1./27*.,,2764,327-1.--2&7
7
4/471(112)32704,1.7,.7+2-3-13+'.7+'.7-3764--4/4765.-./125.7/.,,2765213+2!73/75.,234/.72,,.7(2,37-37
"45/3-+4/47*37-.(31470234537*.112,3&7
7
 " 
 "

           
4,347*372--3+(5234/.7-3752))3-272/+'.76.5737654".--34/3-137+'.7.-.5+312/473/7"45027-2,1(25327
466(5.74++2-34/2,.!72/+'.7-.7/.37+4/"54/137*37625./13747203+37.72/+'.7-.7/4/7)3./.76.5+.631472,
+(/7+406./-4727"54/1.7*.,,2765.-1234/.7,2**4).7(.-147-327+4/-./13147.7".50.75.-12/*47,.730
6,3+234/37*.4/14,43+'.7*.,,.765.-1234/37654".--34/2,37521(31.&7
7

      
,7654".--34/3-127+'.7-)4,27,27654653272113)317+4/7526645147*37,2)4547-(45*3/21472,,.7*36./*./.7
*37(/7*2145.7*37,2)45476(,3+4747653)2147/4/771./(1472,,27-136(,27*37(/276.5-4/2,.764,3272--3
+(5213)2&7
(2/147 -4652!7 2/+'.7 /.,7 +2-47 3/7 +(37 ,2113)317 *.,7 654".--34/3-127 2327 (/27  
 7
!764-147+'.73,7654".--34/3-127-1.--47/4/753-(,137*35.1120./1.71314,25.7*.,,3/+253+4753+.)(14&7
/7 2,1537 1.503/3!7 )3./.7 0./47 3/7 (.-137 +2-37 3,7 65.-(664-147 *.,,2--(/34/.7 *.,,27 1314,25317
*.,,3/+253+47654".--34/2,.!7*2,7(2,.7-45.7+455.,213)20./1.7,4,347*372--3+(5234/.&7
4++'.57 )3+.).5-27 2,7 *2145.7 *37 ,2)4547 2--(0.5.7 ,4/.5.7 *.,,27 +46.51(527 2--3+(5213)2&7 7 12,7 53
(25*477/.+.--25347+'.7,2764,327*.,7*2145.7*37,2)4547*327.)3*./27.-6,3+3127+'.7,27+46.51(527-37
.-1./*.72/+'.72,7*36./*./1.654".--34/3-127+'.7-)4,.72113)317+4/753,.)2/27.-1.5/2&7,7)3/+4,47*37
*36./*./2753+'3.*.7,27-(--3-1./27*37(/7526645147*37,2)4547-(45*3/214!7-37).*272/+'.7,276251.7
*.-13/2127237+4,,24521453&7
7

150
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 151

BLT 2.2020 – PROFESSIONE

   
.-/,+*)('/&%)'/$#")("/&!*/' /%##"("/'/ %""/'#*-*-(*/&"-)*-(%/ %/#"))'' '(/'/)" **/%(('
'(/ #"*))'"-% */ %+("-"%*-(*/ ,+'-'/ %/ *)*#'"/ -* / &%)"/ '/ '#*-*-('/ #+ '&'/ &!*/ )'/
(%(('/'/%((''(/ %"%('%/)" (%/'-/*'*/'/
/-"-/)+#*'"*/% //)&%((%/ " '"/
* %/#" '%/%))'&+%('%/%/&"#*(+%/* %((''(/)" (%/+"'/% /%##"("/'/)+"'-%'"-*/
/
    
 

%/#")''"-*/'/+-/#"*))'"-')(%/&!*/&" %"%/'-/%-'*%/)(%' */*/&"-('-+%('%/&"-/+-"/)(+'"/
%'%/%/)*&"-%/* %/('#" "'%/&"-(%((+% */'-/%)*/% %/,+% */ /'#")(%("/' /%##"("/$&"-/#%('(%/
.%/%##"("/'/&"-)+ *-%/*)(*-%/%##"("/'/ %""/'#*-*-(*/
/"-(*/'/%((''(/'/&" %"%'"-*/)" (%/'-/*'*/'/#%('(%/.%/"/&"+-,+*/'/&"-)+ *-%/
*)(*-%/' /#"*))'"-')(%/**/*))**/"(%("/'/#" '%/#"*))'"-% */&!*/ "/(*-%/'-*--*/*)"/' /
)+"/+-'&"/&"'((*-(*/$"*"/ "/)(+'"/(*&-'&"/#*/&+'/#*)(%/ "#*%/

+((%'%/'-/,+*)('/&%)'//,+% "%/' /&" %"%("* &"-)+ *-(*/* "/)(+'"/'+'/-"'-% *-(*/(%/
'/)"((")&'(("'/'/* %"%('/#"*((+% '/"/% (*/#*)(%'"-'/&"-/' *%-%/*)(*-%// /#"))'' */*/ *
'(('"/'#"('%*/&!*/% /"*-("/* '-)(%+%'"-*/* /%##"("/'/&" %"%'"-*/"/'/&"-)+
*-%/)'/#"))%/&"-&"%*/%-&!*/+-*)(*-)'"-*/% /&" %"%("*/* %/&"#*(+%/%))'&+%('%/'/
%(('%(%/#*/' /('(" %*/* "/)(+'"/$"/#*/'/('(" %'/"(%('/* /#"(**/'/'%/
/ &" %"%("*/ &!*/ "#*%/ &"*/ '#*-*-(*/ )'/ *)(*-"-"/ '-*&*/  / */ &"-)'*%'"-'/ '/
)" (*/'-/#*&**-%/
/
 
+% '/)"*(('/+-'(%'/*/%+("-"'/ */)"&'*(/'/'-*-*'%/*/ */
/)"-"/(*-+(*/% %/)"((")&''"
-*/'/+-%/#" '%/%))'&+%('%/&!*/&"#%/ %((''(/#"*))'"-% */* %/)"&'*(/)(*))%/
./)"&'/)'-" '/')+ (%-"/&"#*('/% %/#" '%/* %/)"&'*(/%((%/*&&*'"-*/#*/ '/'-&%'&!'/**-
(+% *-(*/%))+-('/%/('(" "/#*)"-% */"/&"+-,+*/'-/-"*/*/&"-("/'*)"/%/,+* "/* %/)"&'*(/
*/' /)'-" "/)"&'"/)" */%((''(/'-/'%/*)& +)'%/% '-(*-"/* %/)"&'*(/*/#*/&"-("/'/,+*)(%/
-"-/)%/,+'-'/-*&*))%'"/&!*/)'/"('/'/+-%/#" '%/)+## **-(%*/
%/#*')'"-*/'/#" '%/'/%))'&+%'"-*/**/')+ (%*/%/ '* "/)(%(+(%'"/
/
     
'-&%'&"/ '/ 
/ &"-*'("/ %/ +-/
'+-% */ -* %'("/ '/ +-%/ #"&*+%/ '+''%'%/ ')+ (%/
#'*-%*-(*/)"*(("/% " '"/%))'&+%('"/% /"*-("/&!*/' /
/#+/-* %/)+%/,+% '(/'/
"%-"/%+)' '%'"/* /'+'&*/%))+*/-*'/&"-"-('/* */#%('/ %/*)#"-)%' '(/&'' */#"*))'"
-% */#*/ %/&"*((%/*)*&+'"-*/* '-&%'&"/

% */*)#"-)%' '(/-*'/&"-"-('/* */#%('/#+/-"-/"''-%-"/%/+-/%##"("/&"-(%((+% */'
*((%*-(*/'-)(%+%("/&"-/ */)(*))*/$#"'&!/'-/,+*)('/&%)'/(*&-'&%*-(*/' /&"'((*-(*/ /' /
'+
-% */)'/&"-'+%/)+ %/%)*/* /*-*% */"**/'/' '*-%/'*'("/% %/#*)(%'"-*/#"*))'"
-% */'&!'*)(%/% %/&+'/'" %'"-*/')&*-*/+-/''(("/% /')%&'*-("/-*'/&"-"-('/* /)"*(("/
%--*'%("/$-* %/%((')#*&'*/* %/#%(*/&!*/'")('/'/%*/)+'("/+-/#*'+''"/#*/**(("/
* %((''(/)" (%/% /
/
/

 

*/ %((''(/'/"&*-%/*/'&*&%/)"-"/)" (*/-* %'("/'/+-/%##"("/'/ %""/)+"'-%("/$%/
*)*#'"/-*'/&"-"-('/'/+-'*)'(/')('(+('/)&" %)('&'/*-('/'/'&*&%/*&&/% "-"/ */&"-)'*%
'"-'/%((*/'-/*'("/%/,+*)("//
/&"-(%'"/)'/#+/'#"('%*/&!*/% %/"&*-%/*/% %/'&*&%/)" (*/'-/%-'*%/%+("-"%/'
)&*-%-"/"*/'/*)#"-)%' '(/#"*))'"-% */,+% "%/% %/-"-/&"*((%/*)*&+'"-*/* */%(('
'(/ *''-"/ #*'+''/ #*/ ' / & '*-(* &"'((*-(*/ $%/ *)*#'"/ '-/ &%)"/ '(%'/ -"-/ '+)(''&%('/
-* *)*&+'"-*/* '-&%'&"/#*(%-("/'-/%)*/% */&"-&*(*/"% '(/'/**((+%'"-*/*/-"-/'-
*&*/)+ %/%)*/* /&"-(*-+("/* */%((''(/'/"&*-%/"/'/'&*&%/ %/&+'/ '*(/*/'-)'-%&%' '(/
/%/'(*-*)'/%%-('(%/&")('(+'"-% *-(*/

151
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 152

BLT 2.2020 – PROFESSIONE

102/.-,+*0)(2,'-2)0&-2.-*/(%*0$+&+)#2'02!%2,0.0))-.-2.-*+ !0&-2.+*/-))(20&&02.-*/(%*0$+&+)#2 -.+0%


)-2 0&20%,0)(2.+*/-))(2 -&&-2,(% ++(%+2 +2*(&+-%)(2 -&&+%,0.+,(2*)0$+&+)-2+%2+02,(%).0))!0&-2
02,(%-%+*)+,020&2,(%).0.+(2%(%2/.-- -2/-.2*!02%0)!.02($$&+'+2 +2,(/-.)!.020**+,!.0)+02
2
'&%$#"!#% ##%% #& 
020%,0%02 -&&02,(/-.)!.020**+,!.0)+02/.( !,-2+%2,0/(20&2/.(-**+(%+*)02!%02 (//+02.-*/(%*0
$+&+)#2
2 +2)+/(2
 2,+(2%-+2,(%.(%)+2 -&2,&+-%)-2+&2!0&-2/().-$$-20 2-*-/+(2&-+))+0
-%)-2.++!)0.-2 +2,(%-.+.-2&+%,0.+,(2(//!.-2,'+- -.-2!%02.+ !+(%-2 -&2,(*)(2 -&&02/.-*)0
+(%-2/.(-**+(%0&-2
2 +2)+/(2
2%-+2,(%.(%)+2,+(2 -&&. +%-2(2(&&-+(2/.(-**+(%0&-2 +20//0.)-%-%
02,(-2-*/.-**0-%)-2/.-+*)(2 0&2,(022 -&&0.)22 -&2   2

2-2 0&2(-%)(2
,'-2&($$&+(2 -&&02/(&+022,(%)-/&0)(2 0+2( +,+2 -(%)(&(+,+2 -&&-20.+-2,0)-(.+-2/.(
-**+(%0&+2. +%-2(2(&&-+(2/().#2/-.)0%)(20+0.-2!%2/.(,- +-%)(2 +*,+/&+%0.-2%-+2,(%
.(%)+2 -&2/.(-**+(%+*)020%,'-(&-20&&-*+)(2 -&2!0&-20//&+,0.-2&-2--%)!0&+2*0%+(%+2.+)-
%!)-20//.(/.+0)-2+%2.-&0+(%-20&&02.0+)#2 -&&+&&-,+)(2%-&&-2(.-2/.-+*)-2 0+2*+%(&+2(. +
%0-%)+2
2
2
'  '  


2(+0-%)-2+% +*/-%*0$+&-2,'-2+&2/.(-**+(%+*)02,(%(*,02+2 -))0&+2 -&&02/(&+02/.+02 +2*())(
*,.+-.&02 -2 *-2 -&2 ,0*(2 /.(,- 02 02 %-(+0.%-2 0&,!%+2 /!%)+2 +.-))0-%)-2 ,(%2 &0**+,!.0)(.-2
&0**+,!.0+(%-22!%2,(%).0))(2-2/-.)0%)(2&02(&(%)#2 -&&-2/0.)+2-2+&2.0+!%+-%)(2 +2!%20,,(. (2
,'-20 02$-%-202-%).0$+2*(%(2-&--%)+2-**-%+0&+2
+2*-%0&0%(2+2/.+%,+/0&+2-&--%)+2,!+2(,,(..-2/.-*)0.-20))-%+(%-20&,!%+2 -+2!0&+2*0.0%%(20//.(
(% +)+2%-&2*-!+)(2
2
 #$&%$&# #&  &#$$&%#
+2.+/(.)02 +2*-!+)(2!%(2*,'-02 -+2/(**+$+&+20$+)+2 +2.-*/(%*0$+&+)#2,(/-.)+2 0&&02/(&+02 2
/.(-**+(%0&-2
2
 

    '  

' 

    
  
 
  

  

  
     

   

  


  
   
  
 
  
  

    
 
 
   
  
  
  
  
   
  
 
  
2

152
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 153

BLT 2.2020 – PROFESSIONE


          
  
   

 
98:76854:358524751:
0:6:/4886:/526.48-6:/4:,+:/57:)2('5&&6(86&-4:%85376358$4#:6")2!/58$4#:6")526$64:0:&6:.5/4:
4.48-6:)52: 6426"58-6:&(8(:26&42 6676:
0:6:/4886:/526.48-6:/4:,:+:%32(&&(7484:"48 48$4:/6:/676358$4#: (8:5.6/58-5:& (&-40
"58-(:/4775:253(75:/6:)2!/58$4:5:)526$64: 5:67: 4&(: (8 25-(:4.255:26 65&-(:/6:(&&52.425:
&(8(:48 5&&6:26&42 6676#:)(-58/(:26"48525:5& 7!&6:&(7-48-(:68:)25&58$4:/6:5&)25&&5: 74!&(75:
76"6-4-6.5:/57:26& 6(::
0:6:/4886:/526.48-6:/4:,+:%68-58$6(8476-:/6: 4!&425:67:/488(:8(8:&(8(:26&42 6676:
:-47:)2()(&6-(:&6:)!:&)5 6'6 425: 5:67:)2('5&&6(86&-4:26&)(8/5:/57:/488(:&(74"58-5:!47(24:8(8:
464:!&4-(:74:/676358$4:26 65&-4:)52:75&5 !$6(85:/5774--6.6-:&)5 6'6 4:% (8:(8525:)2(4-(26(:4:
426 (:/57:26 65/58-5:67:26&42 6"58-(#:"58-25:7684/5")6"58-(:8(8::6")!-4675:!48/(:67:)2(0
'5&&6(86&-4:/6"(&-26:67:/676358-5:6")538(:
:
98:-5"4:/6:/676358$4#:&5:/6:8(2"4:7(2/684"58-(:36!26/6 (:26 65/5:/6:!&425:74:/676358$4:,  

 

+:%42-: :/57: (/6 5: 6.675#: (""4::0:/4:68-58/52&6: ("5:74: !24:.(758-52(0
&4:5:& 2!)(7(&4:"5/64"58-5:26 65&-4:)52:75&5 !$6(85:/6:!8(7634$6(85:0:857: 4&(:/57:)2('5&0
&6(86&-4#:68:.62-
:/5775:&)5 6476: (8(& 58$5:5: (")5-58$5:-5 86 5: 5:376:&6:26 65/(8(#:74:/6760
358$4: /6.58-4: , 
 +#: /5--4: 48 5: ,

+: ())!25: ,

 
  
  +:
)52  :26'526-4:4/:!84--6.6-:&)5 6'6 4:5:58:68/6.6/!4-4:
4:/676358$4:&)5 6'6 4:&6:&68-5-6$$4:8577(&&52.48$4:/6:)526$64#:)2!/58$4#:/676358$4#: (8'(2"6-:5:
26&)5--(: /5775: 8(2"5: 98: 47-26: -52"686#: )52: 67: )2('5&&6(86&-4: 74: /676358$4: &6: /5 7684: 68: -52"686: /6:
,

+#:68-5&4: ("5:67: (")75&&(:/6: (386$6(86:-5 86 5:5:)2('5&&6(8476:4 !6&6-5: (8:7(:&-!/6(:
5:75&)52658$4:5/:5&)25&&5:/47:76.577(:"5/6(:/5774: 4-53(264:/4))42-5858$4#:-476:/4: (8&58-625:/6:
5&53!625:74:)25&-4$6(85:&5 (8/(:74: /:,+:
4:)526$64::!68/6:74:/5 7684$6(85:/5774:/676358$4:85775:)2('5&&6(86:-5 86 5:
4:/676358$4:26 65&-4:47:)2('5&&6(86&-4::/!8!5:!84:/676358$4:, 

+#:&!)526(25:4:!5774:
5:.6585:26 65&-4:4/:!84:)52&(84: ("!85:% ("5:.6&-(#:74:/676358$4:/57:!(8:)4/25:/6:'4"63764#:
5&&58/(: (""6&!24-4:4774:)25&-4$6(85: 5:7(:&-5&&(:/5.5:5&53!625:
6:&58&6:/57742-: :/57: (/6 5: 6.675#:&5:74:)25&-4$6(85:6")76 4:74:&(7!$6(85:/6:)2(75"6:-5 0
86 6:/6:,


+:%48 5:!5&-6:/4:68-58/525:(..64"58-5:68:2574$6(85:4774:,

+:/57:
)2('5&&6(86&-4#:67:)25&-4-(25:/()524:26&)(8/5:/56:/4886:&(7(:68: 4&(:/6:/(7(:(:/6: (7)4:324.5:
:
 

 
658-24: 52-4"58-5:85774:"48 48$4:/6:/676358$4:74&&!8$6(85:/6:68 426 6: 5:5&!748(:/4774"6-(:
/5775: )2()265: (")5-58$5: )2('5&&6(8476#: ("5: /576854-5: /46: 26&)5--6.6: (2/684"58-6: 5: /4775: 47-25:
8(2"5: 5: /5'686& (8(: 25!6&6-6: 5: 4676-4$6(86: )52: &)5 6'6 5: 4--6.6-: %4/: 5&5")6(1: )25.58$6(85:
68 58/6#:4 !&-6 4:4"658-475#: 52-6'6 4$6(85:585235-6 4#:5 :
7 !85: )(76$$5: )(&&(8(: )25.5/525: 74!&(75: /6: &47.43!42/64: )52: &686&-26: /526.48-6: /47: /6'5--(: /6:
(")5-58$4:)2('5&&6(8475:
:



   

 
98:!5&-6: 4&6#:46:'686:/577()524-6.6-:/5774:)(76$$4:4&&6 !24-6.4#:/5.5:5&&525:4 52-4-(:&(74"58-5:
&5:67: (")(2-4"58-(:358524-(25:/57:/488(:2658-26:85774"6-(:/5774--6.6-:68/6.6/!4-4:/4774:)(0
76$$4: ("5:26&42 6675:5:!68/6:&5:67:/488(:&64:&-4-(: 4!&4-(:/47:)2('5&&6(86&-4#:/625--4"58-5:4--240
.52&(:74--6.6-:)2('5&&6(8475: 4258-5#:(:68/625--4"58-5:)52: 4258$5:(23486$$4-6.5:(:/6:/676358$4:
/57:)2()26(:&-!/6(:/5775:!476:5376:68/625--4"58-5:26&)(8/5:
(8::)52-48-(:85 5&&426(:68/6 425:4774&&6 !24-(25:75''5--6.(#:"4-526475:25&)(8&4675:/5774--6.6-:
/488(&4#:&64:5&&4:4--6.4:(:("6&&6.4:% 5:)5247-2(:67:)2('5&&6(86&-4:)(-255:8(8:5&&525:85))!25:68:
324/(:/6:68/6.6/!425: (8: 52-5$$4:
6:.5/4:68:!5&-(:&58&(: 4&&:  #:8::

153
BLT022020_testi.qxp_Layout 1 14/02/20 15:37 Pagina 154

BLT 2.2020 – PROFESSIONE



 
  
    
 !  !!    !!
=<>;<:9<876585><8>74843214>;64>9<0<>;<>051<//2.>
>
!$ !   $"! !"!  #"$ $ "$$   $ "
!"! $ $ $ "$$!$  $ #!! $ "
   $ $ $
!$!! 
! "$  " $  ! $ #"  $ $
! ! !$$!$$ #$$
!$
 !$    !#""  #"$ !! #"  $#!! $ $ "$$
 #" $ $$!"!
>
-2> 034:48/2> ;<> 682> 051<//2>  > ,5+05392> <8> ,2:5> ;<> ,58935*43:<2> 7<6;</<214> 1)<8*43:<584>
;411)58434>;4112>035*2(>:049943'>04392895>2112>,5+0278<2>%4>858>211)2::<,63295>,5+4>8471<>2193<>,2$
:<#>12>;<+5:932/<584>,"4><1>;2885>858>3<48932>84112>,2:<:9<,2>;<>!6411<>,50439<.>
8> ,2:5> ;<> 051<//2> 2> 3<:,"<> 85+<829<> > 5**<2+4894> ,36,<214> 034:9234> 12> +2::<+2> 29948/<584> 2112>
,5334992>4>0<>2+0<2>05::<<14>;41<+<92/<584>;471<>2+<9<>5774995>;<>,50439632.>=<>048:<>2;>4:4+$
0<5> 2112> ,50439632> ;4<> ;288<> 2114> 50434(> ,"4> ;4*4> 4::434> 034:9292> :48/2> 14> 1<+<92/<58<> 034*<:94>
;211)239.>>;41>5;<,4>,<*<14(>05<,"><1>3<,"<2+5>2>!64:95>239<,515>06>1<+<9234>1)504329<*<9'>2<>
:51<> ;288<> ;43<*289<> ;2> ,35115(> 35*<82> 959214> 5> 023/<214> 4> 732*<> ;<499<(> 4:,16;48;5> !6<8;<> 9699<> <>
;288<>,.;.>.>
-2> 051<//2>  > ,58:4894> 28,"4> ;<> 4:948;434> > 12> ,50439632> 2114> 299<*<9'>
(>299<*<9'>,<5>;2>,58:<;4323:<>9<0<,"4>;4112>0354::<584>;<>3<43<+4895>+2>858>28,532>,5$
;<<,294>5>4+43:4>211)2995>;4112>:5995:,3</<584>;4112>051<//2(>043,">2;>4:4+0<5>;43<*289<>;2>85*<$
9'>853+29<*4>:6,,4::<*4>5>,5+68!64>043,"><8>034,4;48/2>858>4:476<94>;211)2::<,63295.>
<>43+5>34:928;5>!62895>:<>;<3'>0<>2*289<>2>03505:<95>;4112>4:,16:<584>;<>299<*<9'>:*5194>21>;<>
653<>;<>!62895>05::2>,58:<;4323:<>>;4112>0354::<584(>4>1)4*4896214>84,4::<9'>;<>277<5382$
34>12>+20029632>;41>3<:,"<5>,"4>*<484>44996292>932+<94><1>!64:9<5823<5>%:<>*4;2>0<>2*289<#.>
>
193<>2:0499<>,6<>>484>234>29948/<584>:5995><1>035<15>;411)299<*<9'>,504392>:585><>:476489<>
$>05::<<1<>4:,16:<58<>5>4:948:<58<>
$>2:0499<>243489<>2112>,58;6/<584>;4115>:96;<5(>4;><8>0239<,51234>:4>12>051<//2>,5034>12>34:058$
:2<1<9'>,<*<14>858>:515>*43:5><>:577499<>943/<>4>*43:5><>,5112532953<(><>;<048;489<(>4,,.>
$>12>;4<8</<584>;<>(>,"4>;5*344>4::434>!62895>0<>2+0<2>05::<<14.>
>
      !! !  !
  
 

43>12>02394,<02/<584>2;>2<;2+489<>061<,<>;<>,5893299<>043>:43*</<>>%03574992/<584(>*4$
3<<,2>;4112>03574992/<584(>;<34/<584>;4<>12*53<(>,553;<82+4895>;4112>:<,634//2(>,51126;5(>,5+0<9<>
;<>:6005395>21> (>4,,.#(>12>:92/<584>2002192894>3<,"<4;4>12>034:92/<584>;<>682>,50439632>2::<,6$
329<*2>043>12>34:058:2<1<9'>,<*<14>0354::<58214(>043><>3<:,"<>;43<*289<>;2115>:*517<+4895>;4114>29$
9<*<9'>;<>,5+04948/2>%:<>*4;285>14>-<844>76<;2> >8.>>;<>,6<>2112>
41<.> > (>21>
06895> . #.>>
62895>2;>21934>53+4>;<>72328/<2>
$>2<>:48:<>;411)239.>>;41>
.>-47.*5> (>8.>>%5;<,4>;4<>,5893299<>061<,<#(>,5++2>
(><>,58,533489<>043>921<>9<05157<4>;<>2<;2+489<>858>:585>94869<>2>034:9234>12>,.;.> 
>%72328/<2>84,4::23<2>043>02394,<0234>2112>035,4;632>;<>2<;2+4895#>
$>*<,4*43:2(><>:577499<>:5032><8;<,29<>858>:585>4:48929<>;211)51<75>;<>034:4892/<584>;4112>,.;.>
 >%72328/<2>84,4::23<2>043>1)2<;2923<5>,"<2+295>2;>4:476<34><1>:43*</<5#(>
2<>:48:<>;411)239.>>;41>
.>-47.*5>>%*4;<>28,"4>14>-<844>76<;2> >8.>>;<>,6<>2112>

41<.> > (>21>06895> . #.>

154
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 155

BLT 2.2020 – PROFESSIONE

@?>=<;A>:A987?:6:<:A5:A4>9<83:4>2:;=81A0/>9<.A-,A580A+.A*8).(;A'&%$&#"A498(858A>0A3;!!>A 1A08<<89>A
"!1A38A08A6<>2:;=:A>44>0<>=<:A4;66;=;A>=38A(>0?<>981A:=A>0<89=><:(>A>0A><<?9><;1A>:A:=:A5800>A3;!
49;(>A5800>A3>4>3:<A83;=;!:3;A:=>=2:>9:>1A5:A9:3:85898A?=A  "
"A3;=<9;A:A9:63:A49;866:;=>0:1A489A?=A:!4;9<;A48938=<?>08A:66><;A:=A980>2:;=8A>0A3;6<;A5:A
3;6<9?2:;=8A 5800/;489>A 5>A 49;)8<<>98A 6:A (85>=;A >=38A 008)><;A A >0A ;5:38A 58:A 3;=<9><<:A
4?0:3:A*:=88A)?:5>AA=.A#A5:A3?:A>00>A+80:.AA # %$&# 1A>0A4?=<;A.$.$.$.# .A

:A(85>A489A58<<>)0:A0>A9:6;96>A;=0:=8A # ,,.A
A
    



4866;A6:A?6>A>=3;9>A9:89:96:A>008A)>9>=2:8A>66:3?9><:(8A4986<><8A5>:A49;866:;=:6<:A=800/>!:<;A58:A
3;=<9><<:A4?0:3:A3;=A:0A<89!:=8A5:A"" 1A5>0A=;!8A5800/86<8=6;98A5800>A(833:>A
*8))8A7?>59;A6?:A0>(;9:A4?0:3:A*.A##%&$%# 1A=.A#& 1A>44?=<;A58<<>A   .A
*>A*8))8A890;=:A498(858(>A0>A4986<>2:;=8A5>A4>9<8A580A49;)8<<:6<>A:=3>9:3><;A5800>A49;)8<<>2:;
=8A5:A:5;=8>A4;0:22>A>66:3?9><:(>A>A3;489<?9>A58:A9:63:A589:(>=<:A5>A899;9:A;5A;!:66:;=:A=800>A98
5>2:;=8A580A49;)8<<;A8683?<:(;A;A58:=:<:(;1A6?638<<::0:A5:A58<89!:=>98A>A3>9:3;A5800>A6<>2:;=8A>4
4>0<>=<8A=?;(8A64868A5:A49;)8<<>2:;=8A8%;A!>)):;9:A3;6<:A>9<.A,&A5800>A*.A#& %# 1A3;!!>A'A
>9<.A#&'A580A+.. .A'' %# 1A 8);0>!8=<;A5:A><<?>2:;=8A5800>A*8))8A7?>59;A6?:A0>(;9:A4?0:3:1A
3;!!>A# .A
0:A638!:A489A0>A4986<>2:;=8A58008A4;0:228A:=A;))8<<;A89>=;A6<><:A>449;(><:A3;=A:0A+.A:=.A<<.A
9;5?<<:(8A#$%&,%$&& 1A=.A#$,A:=A4>9<:3;0>981A489A:A49;)8<<:6<:1A638!>A$.$ .A
A
=A68)?:<;1A08A5:64;6:2:;=:A6;49>A!8=2:;=><8A6;=;A6<><8A>A0;9;A(;0<>A6?489><8A5>)0:A>9<<.A###A8A##$A
580A +.A *8).(;A #$%& %$&&"1A =.A #",1A 9:648<<:(>!8=<8A ><<?><:A 5>)0:A >9<<.A $" A 8A ' A 580A +.. .A
$& %$&#&1A:A7?>0:A498(858(>=;AA489A:0A49;)8<<:6<>A;A:A49;)8<<:6<:A:=3>9:3><:A5800>A49;)8<<>2:;=8A4;
6<>A>A>68A5:A)>9>A8A:=A;)=:A3>6;A5800>A49;)8<<>2:;=8A8683?<:(>1A=;=3A489A:0A6;))8<<;A:=3>9:3><;A
5800/><<:(:<A5:A(89::3>AA:5;=8>A4;0:22>A>A3;489<?9>A58:A9:63:A589:(>=<:A>=38A5>A899;9:A;5A;!:6
6:;=:A=800>A985>2:;=8A580A49;)8<<;A8683?<:(;A;A58:=:<:(;1A6?638<<::0:A5:A58<89!:=>98A>A3>9:3;A5800>A
6<>2:;=8A>44>0<>=<8A=?;(8A64868A5:A49;)8<<>2:;=8A8%;A!>)):;9:A3;6<:.A
=38A :=A (:)8=2>A 58008A 5:64;6:2:;=:A 6;49>A !8=2:;=><81A :0A 9:89:!8=<;A 489A )0:A 638!:A 5:A 4;0:22>A
89>A>0A+.A:=.A<<.A9;5?<<:(8A#$%&,%$&& 1A=.A#$,A:=A4>9<:3;0>981A489A:A49;)8<<:6<:1A638!>A$.$ .A
*8A=;9!8A:=A7?86<:;=8A6;=;A;9>A6<><8A6?489><8A5>0A(:)8=<8A7?>59;A=;9!><:(;A):A58639:<<;.A
A

    
     

 
  
    

 
33;998A4986<>98A4>9<:3;0>98A><<8=2:;=8A>A3;!8A0>A4;0:22>A5:63:40:=>A)0:A>648<<:A5800>A
A1A6:<?>2:;=8A3:;A:=A3?:A:0A5>==;A6:A!>=:86<>A:=A3;6<>=2>A5800>A4;0:22>1A3;!8A
3;=68)?8=2>A5:A?=A8(8=<;A9:6>08=<8A>A49:!>A5800>A6;<<;639:2:;=8A5800>A4;0:22>A6<866>A
AA58<<>A>=38A A5800>A4;0:22> 1A6:<?>2:;=8A3:;A:=A3?:A:0A5>==;A6:A!>=:
86<>A5;4;A0>A63>58=2>A5800>A4;0:22>1A3;!8A3;=68)?8=2>A5:A?=A8(8=<;A9:6>08=<8A>0A489:;5;A:=A
3?:A0>A4;0:22>A6<866>A89>A(:)8=<8.A
A
:A6:A4?A9:89:98A>A7?86<:A>648<<:A>=38A3;!8A30>?6;08A
A" 1A98):!8A=80A7?>08A489A4;<89A>(898A5:9:<<;A>0A9:6>93:!8=<;AA=83866>9:;A38A:0A
6:=:6<9;A(8=)>AA8A7?:=5:A498=5>A:0A(:>A0>A9:3:86<>A5:A9:6>93:!8=<; A5?9>=<8A:0A489:;
5;A5:A(>0:5:<A;A5:A(:)8=2>A5800>A4;0:22>1A8A489<>=<;A08A980><:(8A)>9>=2:8A;489>=;A5>0A!;!8=<;A
:=A3?:A<>08A9:3:86<>AA9:38(?<>A:=A!>=:89>A>=>0;)>A>A7?>=<;A58639:<<;A>A49;4;6:<;A5800>A98<9;><
<:(:< A
A """1A98):!8A=80A7?>08A:=(8381A>:=3A(:A6:>A3;489<?9>A>66:3?9><:(>1AA=8386
6>9:;A38A:0A5>==8)):>=<8A6:>A>66:3?9><;A=80A!;!8=<;A5800>A3;!!:66:;=8A5800/899;98A49;86
6:;=>08A:=A!>=:89>A>=>0;)>A>A7?>=<;A58639:<<;A>A49;4;6:<;A5800/?0<9><<:(:< .A
A

155
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 156

BLT 2.2020 – PROFESSIONE

@?A>=?=<=A;:A<=9<8:9976795A382<=A1?A2=<7808A07A/.A:??7A:?9=3=0=?97A:;;:A-8998-3<7,78?=A0=;;:A28;7,,:+A
*:A=-7-98?8A:?3)=A28;7,,=A3)=A2<=6=08?8A1?:A<=9<8:9976795A7;;7*79:9:+A-:;68A(1:?98A-7A07<5A7?A-='
>1798A:A2<828-798A0=;;:A2<=><=--:A38?8-3=?,:A07A&:997A=A37<38-9:?,=%A
$:A28-91*:A<7-28?0=A7?6=3=A:;;#=-7>=?,:A07A=-9=?0=<=A;:A382=<91<:A:--731<:976:A:?3)=A2=<A1?A2='
<7808A-133=--768A:A(1:?08A7;A2<8&=--78?7-9:A:6<5A9=<*7?:98A;:A2<82<7:A:9976795+A=0A"A07A-8;798A8>>=9'
98A07A1?#:228-79:A?=>8,7:,78?=%A!A8228<91?8+A7?A-=0=A07A-8998-3<7,78?=A0=;;:A28;7,,:+A6=<7&73:<=A-=A
67A -8?8A 3;:1-8;=A -8-2=?-76=A :;;#:9976:,78?=A 0=;;:A 28-91*:+A ?8?3)A 2:9917<?=A 2<=6=?976:*=?9=A 7;A
38-98A:;;#:998A0=;;:A-8998-3<7,78?=A=A?8?A:;A*8*=?98A7?A317A7;A2<8&=--78?7-9:A0=370:A07A9=<*7?:<=A
;#:9976795A3%0%A
 %A
A
1=-97A:-2=997A-8?8A=-9<=*:*=?9=A<7;=6:?97A?=;A3:-8A0=;;:A<=-28?-:7;795A2<8&=--78?:;=+A7?A317A9<:A
7;A*8*=?98A7?A317A7;A2<8&=--78?7-9:A38**=99=A;#=<<8<=A=0A7;A*8*=?98A7?A317A7;A0:??8A-7A21A*:?7'
&=-9:<=A38*=A38?-=>1=?,:A0=;;#=<<8<=A-9=--8A21A2:--:<=A*8;98A9=*28A
'A38?A1?:A3;:1-8;:A +A7;A2<8&=--78?7-9:A:6<==A382=<91<:A:--731<:976:A:?3)=A-=?'
,:A=--=<=A-9:98A:--731<:98A:;A*8*=?98A0=;;:A38**7--78?=A0=;;#=<<8<=+A21<3)A-7:A:--731<:98A:;A
*8*=?98A07A<73=6=<=A;:A<73)7=-9:A07A<7-:<37*=?98A0:??7A
'A38?A1?:A3;:1-8;:A +A7;A2<8&=--78?7-9:A:6<==A382=<91<:A:--731<:976:A:?3)=A
-=?,:A=--=<=A-9:98A:--731<:98A:;A*8*=?98A0=;;#:9976:,78?=A0=;A-7?7-9<8+A21<3)A&8--=A:--731<:98A
?=;A*8*=?98A>=?=<:98<=A0=;A0:??8A-9=--8+A378"A(1:?08A"A-9:98A38**=--8A;#=<<8<=A2<8&=--78'
?:;=%A
A
 
               
@;A<=>7*=A07A1;9<:9976795A8A28-91*:+A8A +A"A7?A8>?7A3:-8A7;A<=>7*=A   A0=;A
38?9<:998A07A:--731<:,78?=A0=;;:A<=-28?-:7;795A3767;=+A0:;A*8*=?98A3)=A;#:<9%A//A0=;A8073=A37'
67;=A2<=-3<76=A3)=A 

         


     A&:99:A-:;6:A;:A28--77;795A07A2:998A38?9<:<78%A
A9:;A2<828-798A'A0:98A7;A2<8;7&=<:<=A07A*80=;;7A38?9<:991:;7A9=-7A:0A=-3;10=<=A2:997,7:*=?9=A;:A28-'
-77;795A0=;;:A28-91*:A'A"A7?9=<6=?198A;#:<9%A/A0=;;:A$%A..  ./+A?+A/ +A7;A(1:;=A:;A38**:A A

A2<=6=0=A3)=A-=*2<=A&:99:A-:;6:A;:A;7=<95A38?9<:991:;=A0=;;=A2:<97A?=;;=A38?07,78?7A>=?=<:;7A
0=;;=A28;7,,=A:--731<:976=A2=<A;:AA2<8&=--78?:;=A6=?>:A7?-=<79:A;#8&&=<9:A07A1?A2=<7808A07A1;9<:9'
976795A0=;;:A382=<91<:+A2=<A;=A<73)7=-9=A07A<7-:<37*=?98A2<=-=?9:9=A2=<A;:A2<7*:A68;9:A=?9<8A7A/.A:??7A
-133=--767+A 21<3)A 8667:*=?9=A      
  
    %A
=998A 7?A :;9<7A 9=<*7?7+A 7A *80=;;7A 38?9<:991:;7A 0=;;=A 28;7,,=A 2=<A :--731<:,78?=A 2<8&=--78?:;=A ?8?A
28--8?8A 2<=6=0=<=A ;:A ;7*79:,78?=A 989:;=A 0=;;:A 2<=-9:,78?=A :--731<:976:A :7A -7?7-9<7A 0=?1?37:97A ?=;A
2=<7808A07A6:;70795A0=;A38?9<:998%A$=A38*2:>?7=A0=68?8A2=<9:?98A8&&<7<=A2<808997A3)=A2<=6=0:?8A
1?:A382=<91<:A:--731<:976:A2=<A<73)7=-9=A07A<7-:<37*=?98A2<=-=?9:9=A=?9<8A7A/.A:??7A0:;;:A-3:0=?,:A
0=;;:A28;7,,:+A<7&=<79=A:A  A0=;A2<8&=--78?7-9:A:33:0197A?=;A2=<7808A07A67>=?,:A0=;;:A28;7,,:A
-9=--:%A
7A?8?A618;A07<=A3)=A7;A38?9<:998A0=:A8;7>:98<7:*=?9=A2<=6=0=<=A;:A28-91*:+A*:A-8;:*=?9=A
3)=A;:A38*2:>?7:A"A9=?19:A:A2<828<<=A:;A38?9<:=?9=A9:;=A28--77;795+A3)=A289<5A287A=--=<=A=-3;1-:A7?A
-=>1798A:;;:A;7=<:A?=>8,7:,78?=A9<:A;=A2:<97A97273:*=?9=A:A&<8?9=A07A1?:A<701,78?=A0=;A2<=*78%A
A
   
;9<8A:-2=998A07A&8?0:*=?9:;=A7*28<9:?,:A"A(1=;;8A0=;;:A
 %A
7A7?9=?0=A2=<A   A0=;A0=798<=A'A:7A-=?-7A0=;;#:<9%A/  A0=;A8073=A3767;=A'A7;A
3:-8A7?A317A27A0=798<7A-8?8A8;7>:97A91997A2=<A;:A*=0=-7*:A2<=-9:,78?=+A7?A*808A3)=A37:-31?8A
21A=--=<=A38-9<=998A:;;#:0=*27*=?98A2=<A;:A989:;795+A=A;#:0=*27*=?98A0:A2:<9=A07A1?8A;7=<:A>;7A
:;9<7%A7A-=?-7A0=;;#:<9%A .A0=;A8073=A3767;=+A7?8;9<=+A-=A7;A&:998A0:??8-8A"A7*219:7;=A:A27A2=<'
-8?=+A  

       %A8;17A3)=A):A<7-:<3798A7;A0:??8A


):A287A;:A28--77;795A07A
A378"A07A<76:;=<-7A38?9<8A37:-31?8A0=>;7A:;9<7+A?=;;:A*7-1<:A0='
9=<*7?:9:A0:;;:A><:6795A0=;;:A<7-2=9976:A38;2:A=A0:;;#=?9795A0=;;=A38?-=>1=?,=A3)=A?=A-8?8A0=<76:9=%A

156
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 157

BLT 2.2020 – PROFESSIONE

:9; 87654; 63524941; 49; 08/.; -4; 53/,.9/8+4746*; /.74-873; 47; -8993((486.; ,'&; 54%.7(35/4; 540$43-39-.;
7#49635.;54/85042396.;8;048/0'9.;-34;-8993((489641;8;,53/049-353;-87;28((4.53;.;249.53;(58-.;-4;
0.553/,.9/8+4746*;-4;"'3/64;'764241;3;!3528;53/689-.;78;,.//4+4746*;,35;47;/.((366.;0$3;8++48;54/8504
6.;47;-899.;,35;49635.;.;49;24/'58;28((4.53;54/,366.;8;"'896.;8;7'4;42,'68+473;-4;6'664;-4;54%8735/4;
49;/3('46.;/'(74;87654;;
377#82+46.;-4;'98;,.748;-4;;,5.!3//4.98731;78;0.,356'58;-37;%490.7.;-4;53/,.9/8+4746*;/.74-873;
,'&;54%3785/4;-4;,85640.7853;42,.568981;/.,5866'66.;49;"'34;08/4;3/6532823963;!53"'3964;9377#82+46.;
-34;,5.!3//4.94/64;6309404;49;0'4;/4;;/,3//.;0.49%.764;49;.,353;3;,5.(3664;0$3;,53%3-.9.;'98;496358
4.93;0.9;87653;!4('53;,5.!3//4.9874;+8/64;,39/853;8-;3/32,4.;877#4963584.93;658;,5.(3664/68;850$4
6366.940.1;(3.7.(.1;/65'66'54/681;42,48964/681;300;93778;5387484.93;-4;'9#.,358;3-47448;
;
4;4228(494;8-;3/32,4.;'9;850$46366.;0$3;,539-3;,8563; ;49/4323;8-;87654;3/,35641;49(3(93541;(3.
7.(41;(3.23654; ;8778;5387484.93;-4;'9#.,358;3-473;%396'874;540$43/63;-4;54/85042396.;0$3;,./
/.9.;.%%4823963;49/.5(353;890$3;8;-4/6898;-4;,85300$4.;632,.1;/3,,'53;86654+'463;8-;'9;8765.;
-34;,5.!3//4.94/64;0.49%.764;9377#.,3581;!804723963;,.653++35.;3//353;8%89863;890$3;877#850$46366.;
49; "'3/64.931; /,3043; "'87.58; 47; 53/,.9/8+473; -37; -899.; 9.9; 8++48; 73; 54/.5/3; ,35; !5.963((4853; -8;
/.7.;4;-8994;08'/864;3;-4;,5.03-353;0.9;47;54/85042396.;
:9;"'3/6.;08/.1;"'87.58;78;,.748;;,5.!3//4.9873;9.9;,53%3-8;78;(858948;53/,.9/8+4746*;/.74
-8731;7#850$46366.;9.9;,.653++3;+393!404853;-4;870'9;49-3994.;-8;,8563;-3778;0.2,8(9481;239653;
/3;47;0.965866.;0.2,539-3;78;078'/.781;78;0.2,8(948;,5.03-353++3;87;542+.5/.1;,5.%%3-39-.;,.4;
8;54%8735/4;/'77#8765.;,5.!3//4.94/68;.;/'77#42,53/8;0$3;8++48;(393586.;47;-899.;
;
4;54,.568;'9;3/32,4.;-4;078'/.78;0$3;0.,53;47;%490.7.;-4;/.74-85436*;
        
            
  

     


        



                 
 
     ;
4;639(8;,358765.;0.96.;0$3; ;890$3;49;8//398;-4;'98;/4!!8668;078'/.78;3;.%%4823963;49;8//398;-4;
'98; 078'/.78; %.768; 8; 74246853; 78; 0.,356'58; 8778; /.78; "'.68; 42,'68+473; 8778; 53/,.9/8+4746*; -453668;
-377#8//40'586.; ;'98;,.748; 1;0$3;0.,58;"'49-4;6'663;73;53/,.9/8+4746*;-4;73((31;;-8;49639
-35/4;3/63/8;890$3;8778;53/,.9/8+4746*;/.74-873;
;
  
   
:7;28//42873;58,,53/3968;78;/.228;28//428;0$3;78;0.2,8(948;/4;42,3(98;8;54/850453;49;08/.;-4;
/494/65.1;3;(39358723963;;/68+4746.;,35;/49(.7.;/494/65.;3;,35;899'8746*;0.965866'8731;937;/39/.;0$3;
"'87.58;-.%3//35.;%354!4085/4;,4 ;/494/654;49;'98;/63//8;899'8746*1;78;0.2,8(948;0.,545*;0.2'9"'3;
,35;'9;42,.56.;0.2,73//4%.;9.9;/',354.53;87;28//42873;,53%4/6.;49;,.748;
.23;%4/6.;49;,5303-398;3//.;-3%3;3//353;49-4086.;-87;,5.!3//4.94/68;87;0743963;877#866.;-3778;54
034.93;-377#4908540.;
00.553; ,53/6853; ,85640.7853; 866394.93; 877#3%396'873; ,53/398; -4; 3/07'/4.94; .;  ; ,35;
0863(.548; -4; -8994; 8-; 3/32,4.; 54/'768; 8++8/6898; !53"'39631; /.,5866'66.; 93773; ,.743; 8; 54/0$4;
9.2498641;78;,53/398;-4;'9;/.66.742463;,35;4;-8994;,86542.94874;
'664; 4; -8994; -.%53++35.; 3//353; 0.2,53/4; /398; 7424684.94; -4; 28//428731; 47; "'873; -3%3; .%%48
23963;54/'76853; 
;3;0.9(5'.;49;53784.93;84;54/0$4;0$3;,53/3968;78;,5.,548;8664%46*;,5.
!3//4.9873;
;


  


 
  1; 3-; 47; 0.965866.; ; ,35!3668
23963; %874-.; 890$3; 49; 8//398; -37; 28//42873; /63//.; 3; 0.9/3('3; 0$3; (58%8; /'77#8//40'586.53;
7#.9353; -4; 8773(853; 3; ,5.%853; 7#3/4/6398;3;78;24/'58;-37;28//428731; -.%39-./4; 8765423964; 800.
(74353;78;-.289-8;-4;(858948;,5.,./68;-877#8//40'586.;8;,53/049-353;-8;"'87/48/4;742463;-4;28/
/42873;/4;%3-89.;49;"'3/6.;/39/.;8//;

1;9;
;8//;


1;
;

157
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 158

BLT 2.2020 – PROFESSIONE

 
 
<;= :9;876545;= 9;33921280;= /8;= 1.--;,= 392+2029-58;0;= 2= 8.0;= ;*= 7.809;2802= 58= :;12= +5= 1.00.1795)
(5.82=+2**;=3.*5((;,=762=58=7;1.=+5=58029'280.=+2**;=7.-3;485;=329=/8=951;975-280.=9210;=58=0/005=5=
7;15=;=7;957.=+2**&;1157/9;0.%=
$51/*0;=58=*582;=+5=-;115-;=392:295#5*2=*;=392'515.82=+5=/8=5-3.90.=:511.,=.33/92,=58=7;1.=+5=329)
7280/;*2,="=.33.90/8;=*;=392'515.82=+5=/8=5-3.90.=-;115-.%=
=
<.=17.3290.="=58'272=/8;=3297280/;*2=392:511;0;=58=:;12=+5=1.00.1795(5.82=+2*=7.809;00.,=762='5282=
;33*57;0;=;**&5-3.90.=+2*=+;88.=+;=951;97592=329=+2029-58;92=/8&/*0295.92=1.--;=762=)=;*=3;95=+2*)
*;= :9;876545;= )= 95-;82= ;= 7;957.= +2**&;1157/9;0.%= 9;00;8+.15= 1.*50;-2802= +5= /8;= 3297280/;*2,= *.=
17.3290.=5875+2=58=-51/9;=35=;*0;=58=7;1.=+5=+;88.=2*2';0.%=
290;80.,=/;*.9;=5*=7.809;00.=392'2+;,=.*092=;**;=:9;876545;,=;8762=*.=17.3290.,=.77.9929=7;/02*;9)
15=7.8=*;=392'515.82=329=*.=10211.=+5=/8=5-3.90.=-;115-.=7%+%= 
 %=
=

5=12815=+2**&;90%==+2*=.+572=75'5*2,=7.--;=,=1;*'.=3;00.=7.809;95.,=*2=13212=+5=;1151028(;=
*24;*2= 1.1028/02= 329= 921510292= ;**&;(5.82= +2*= +;882445;0.= 7.809.= *&;1157/9;0.= 1.8.= 951;975#5*5= 82*=
*5-502=+5==+2**;=1.--;=;1157/9;0;%=
=

9;=*2=217*/15.85=762=35=:92/2802-2802=15=9517.809;8.=82**2=3.*5((2=+5=9213.81;#5*50=75'5*2=329=5=
39.:2115.85105=0278575=2*28765;-.=;=050.*.=212-3*5:57;05'.=
)=+;885=8.8=+295';805=+;=;005'50=39.:2115.8;*5 =
)=+;885=+295';805=+;=;005'50=39.:2115.8;*5=+5=053.=+5::292802=+;=/2**2=
  =.=;=/2102=/*)
05-2=;115-5*;#5*5=15=32815=;+=212-35.=;*=39.:2115.8510;=027857.=762=1'.*42=7.81/*28(2=+5=053.=
:517;*2,=7.--2975;*2,=277% =
)=9213.81;#5*50=+592002=825=7.8:9.805=+5=7.**;#.9;0.95=2=39210;0.95=+&.329; =
)=;005'50=762=392'2+;8.=5*=7.58'.*45-280.=+59200.=+2*=39.:2115.8510;=58=;005'50=+5=92;*5((;(5.)
82=+5=.3292=2+5*5(52=1.'9;33.15(5.82=7.8=5-3921;=2127/09572 =
)=328;*5=+.'/02=58=7;1.=+5=58;+2-35-280.=;=8.9-2=+5=*2442=;+=212-35.=58=7;1.=+5=0;9+5';=92)
4.*;95((;(5.82=+5=+.7/-2805=8.8=3921280;05=;**&;--585109;(5.82%=
=
=


      
   

   
<;=1.00.1795(5.82=+5=/8;=3.*5((;=+5=$=39.:2115.8;*2="=39272+/0;=+;**;=7.-35*;(5.82=+5=/8=/2)
105.8;95.=392*5-58;92=
%=5=09;00;=+5=/8.=109/-280.=+5=21128(5;*2=5-3.90;8(;=329=2809;-#2=*2=
3;905=7.809;00/;*5,=*;=7.-3;485;=2=*&;1157/9;0.=
)=329= 
="=58+513281;#5*2=;*=:582=+5=';*/0;92=58=-;8529;=+200;4*5;0;=2=7.-35/0;=0/005=
4*5= ;132005= +2**&;005'50= 1'.*0;= +;**&;1157/9;0.= 2= 7.8124/2802-2802= *;= 3.90;0;= +25= 951765,= +2:5)
828+.=/58+5=/8=5-3.90.=7.849/.=329=5*=392-5.=7%+%=

=+25=951765 =
)= 329=   = "= ;*0921= /8= +.7/-280.= 79/75;*2= 3.576= *;= 7.87*/15.82= +2*= 7.809;00.= 2=
*&28050=+2*=392-5.=+5328+.8.=+;**;=';*/0;(5.82=+2*=951765.=7.-35/0;=;009;'291.=*2=8.05(52=:.9)
8502=82*=/2105.8;95.%=
.-35*;92= 58= -;8529;= 21;/105';= 2= 09;13;92802= 5*= /2105.8;95.= 392*5-58;92= ;**;= 1.00.1795(5.82= "=
/58+5=21092-;-2802=5-3.90;802,=+;*=-.-280.=762=.-5115.85=2.=:;*12=+5765;9;(5.85=762=58:*/5)
17;8.=1/**;=';*/0;(5.82=+2*=951765.=3.11.8.=58';*5+;92=3;9(5;*-2802=.=0.0;*-2802=5*=+59500.=+5=58)
+2885((.=2=928+292=8/**;=*;=3.*5((;=15='2+;8.=58=39.3.150.=4*5=;900%==2==+2*=.+572=75'5)
*2%=

158
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 159

BLT 2.2020 – PROFESSIONE

879 65432125429 0747/.-29 329 ,5-211.9 0747/.-+74*79 ,/7)735459 -(547/79 .9 6./2659 37--(.''26&/.*59 329
/7437/7924%5/+.*2).947-96.'592496&29'29)7/2%26$245962/65'*.41796$79,5''.45965+,5/*./79&49.00/.#
).+74*59"+.9.46$79&4.932+24&12547!937-9/2'6$25 98.9+.46.*.965+&426.125479759-.9+.46.*.9.6#
67**.125479 3.9 ,./*79 37--(.''26&/.*5/79 ,5''5459 65+,5/*./79 -.9 ,7/32*.9 *5*.-79 59 ,./12.-79 37-9 32/2**59
.--(2437442115 9
9
  

   

7--(.+2*5937-9&7'*254./259)27479*/.9-79.-*/7965'796$27'*59.--(.''26&/.435932924326./79'79'2.9.9
6545'6741.9329%.**295962/65'*.41796$79,5''.4593./795/202479.9/26$27'*79329/2'./62+74*5 99&7'*59
&459370-29.',7**29,296/2*262979',7''59%5/27/5937--.9,7/32*.937-932/2**59.--(2437442115 9
49,/.*26.9-.965+,.042.96$27379.--.9654*/5,./*793297',5//79%.**2979'2*&.1254296$79'7654359&496/2*7#
/259329
 9,5*/77/597)5-)7/79249/26$27'*79329/2'./62+74*593.44294546$9&.-'2.'29
*2,59329+.42%7'*.1254293.9,./*79329*7/12937--(24*74125479329.).41./79/26$27'*79766 9
-9+5*2)59329&.4*59'5,/.995))2.+74*792-9%.**596$79-.965+,.042.9454924*7437965,/2/793.442937/2#
).4*293.9%.**295962/65'*.417902945*29.-9+5+74*59329'5**5'6/2)7/79-.9,5-211.9'.-).924967/*296.'29-.9
,5''22-2*9329,/56737/79&0&.-+74*79.9%/54*79329&496540/&59246/7+74*5937-9,/7+25 99
8.9,/70/7''.96545'6741.9329*.-29%.**295962/65'*.41793.9,./*7937--(.''26&/.*596$794549.2.9,/5)#
)73&*59.93./479.370&.*.924%5/+.*2).965'*2*&2'679"5))2.+74*79'79,/5).*.96549547/7937--.9,/5).9.9
6./265937--.965+,.042.!9&4.937--79,29%/7&74*296.&'79329,7/32*.937-932/2**59.-9/2'./62+74*5 9
8(5-2059329'704.-.125479).965//7**.+74*79.37+,2&*59.46$792496.'593296.+25932965+,.042.9
/7-.*2).+74*79.9%.**297962/65'*.4179)7/2%26.*2'2924965/'59329)20741.937--.9,5-211.9'*2,&-.*.96549-.9
,/767374*7965+,.042. 9
9
/.9-7962/65'*.4179,7/9-79&.-29'&''2'*795-205932924%5/+.1254797-746$2.+59.9*2*5-59+7/.+74*79
7'7+,-2%26.*2)5 9
#9-(.))74&*59+.42%7'*./'29.46$79249)2.9,/7-2+24./793293.4429596732+74*292495,7/79,/507**.*7959
32/7**79".46$79654'70&74*29.9+7/79'704.-.125429/267)&*79.46$79'5-59)7/.-29794549'&,,5/*.*79
3.9,/5)7959%.**295007**2)2! 9
#9-(.))259329.**2)2*9329)7/2%26.93.9,./*7932974*2979.&*5/2*9.++242'*/.*2)79"'&9,/56732+74*29654#
*7474*29.**29326$2./.12542959.''7)7/.125429/7'793.-9,/5%7''2542'*.! 9
#-(7'2'*741.9329/2'7/)7947--(.+2*59329-.)5/292496&29'2996524)5-*2 9
#92-9)7/2%26./'2932924%5/*&42947--(.+2*593296.4*27/294729&.-29'2996524)5-*2 9
#9-.9,743741.9329,/56732+74*2962)2-2959,74.-2 9
#9654*7'*.125429'&9545/./29,7/929&.-292-96-274*79,5''.9".46$79249.'*/.**5!9+5*2)./792-9/2%2&*5937-9
,.0.+74*5965497//5/29,/5%7''254.-29329)./259*2,5 9
9

  
.'796/&62.-799&7--.937--.9374&462.937-9'242'*/59.--.9&.-795665//79,/56737/79654%5/+7+74*79
.--792'*/&1254293735**79249,5-211.96259/2',7**.43547929*7/+242979-79+53.-2* 9

&.4*59249,./*265-./79.29*7/+24290747/.-+74*79&7'*29'545924326.*2947--.9,5-211.9".397'7+,259 9
025/4293.-9)7/2%26./'29593.--.96545'6741.937-9%.**593.445'5! 9*&**.)2.9249+.46.41.932924326.125479
7',/7''.9 ).-79 2-9 *7/+2479 329 9 025/429 ,/7)2'*59 249 )2.9 0747/.-79 3.--(./* 9  9 37-9 532679 62)2-79
 9
8(24%5/+.*2).937--(.''26&/.*59249+7/2*59.-9'242'*/5937)797''7/797'.&/274*7979654*747/79.-+745 9
#937'6/212547937--.9654*7'*.12547 9
#924326.12547937--(7)74*&.-79/.,,5/*59,/5%7''254.-79'&''2'*74*7 9
#9654'237/.12542937--(.''26&/.*5962/6.9-.9%543.*711.937--79,/7*7'7 9
#9).-&*.125479".46$79'79.,,/5''2+.*2).!937-93.44595665/'5932/7**597392432/7**5 9
8(24)25937-9+7/59.**5932962*.12547959/265/'5902&3212.-794549.''5-)79.--(5-2059329374&462. 9
9

159
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 160

BLT 2.2020 – PROFESSIONE


 
 


 


           
   
 

  

&,2*1-(+-,%%$4-',2,**,+0,%%(+#/(%,+"+*'43/%('1+4%+ 1-'2(''1+-1- +'4'1%(2,+0,%+0424''1+

(%%$,),-'/(%,+4-0,--4..1+

1-'2(''1+-,%%$(4'1+0,%+#/(%,+/-+*1,''1+(**4 /2('1+'2(*,24* ,+(0+/-+(%'21+*1,''1+


 
*1 4,'+/-+24* 41+(%+#/(%,+,%4+"+,*31*'1+

   
+,)1+   +-+  +,+*/ ,**4),+1044 (.41-4+



1,''1+ ,+*'43/%(+%$(**4 /2(.41-,+,+*4+1%4(+(+3((2,+4%+32,41+
   %+ 1-'2(,-',+3/+-1-+ 14- 40,2,+ 1-+%$(**4 /2('1+,+0/,+4/2,+ 14- 401-1+#/(-01+4%+
1-'2(,-',+(**4 /2(+/-+4-',2,**,+04+ /4+"+'4'1%(2,+(0+,*,341+/-+,-,+04+*/(+321324,'+

 (--1+0,',24-('1+4-+(*,+(%%,+ 1-04.41-4+'/'',+04+31%4..(+*,-.(+',-,2,+ 1-'1+04+


 
  ,),-'/(%4+* 13,2'4+2(- 44,+,+%44'4+04+4-0,--4..1+

312'1+32,*'(4%4'1+,+4**1+0,01''1+0(%+0(--1+4-0,--4..(4%,+,+ ,+24(-,+(+ (24 1+



0,%%$(**4 /2('1+3,2+4%+#/(%,+0/-#/,+%$(**4 /2('12,+-1-+24 1-1* ,+%$4-0,--4..1+

 
1(+01)/'(+0(%%$(**4 /2('12,+(%%$(**4 /2('1+4-+ (*1+04+*4-4*'21+

  
   -',+04+0424''1+3/%4 1+ /4+*3,''(+4%+ 1-'21%%1+*/%%,+432,*,+04+(**4 /2(.41-,+-1- +*/%4+
 4-',2,04(24+04+(**4 /2(.41-,+(,-'4+,+21,2+,+*/4+3,24'4+3,2+%(+*'4(+0,4+0(--4+(4+),4 1%4+

%4(.41-,+(**4(+0,%%$(**4 /2('12,+3,2+*4-4*'21+,1+3,2+3,24101+(**4 /2('4)1+32,)4*'(+
  3,2+%$4-',21+ 1-'2(''1+1+3,2+/-(+*3, 44 (+(2(-.4(+ 0+  !$#+1+ $!!#+
),04+

1 /,-'1+ ,+321)(+%$,*4*',-.(+0,%+ 1-'2(''1+04+(**4 /2(.41-,+ 1-',-,-01-,+%,+


 
1-04.41-4+324- 43(%4+

&2,..1+ ,+4%+ 1-'2(,-',+3((+3,2+( #/4*'(2,+%(+(2(-.4(+1,2'(+0(%%$(**4 /2('12,+


  %+3((,-'1+0,%+32,41+ 1*'4'/4* ,+04+2,1%(+ 1-04.41-,+04+,4 ( 4(+0,%%(+(2(-.4(+
+32,4+31**1-1+,**,2,+/-4 4+3,24104 4+/-4 4+24 122,-'4+

 
1(+01)/'(+0(%%$(**4 /2('1+(%+',2.1+0(--,4('1+4-+ (*1+04+*4-4*'21+

 &21(4%4'+ ,+*4+),244 4+/-+*4-4*'21+-1- +,-'4'+0,4+0(--4+ ,+31**1-1+0,24)(2-,+

424''1+ ,+*3,''(+(%%$(**4 /2('12,+-,4+ 1-21-'4+0,%%$(**4 /2('1+,+ ,+ 1-*,-',+


  (%%$(**4 /2('12,+04+2, /3,2(2,+0(%%$(**4 /2('1+%4+4312'4+3(('4+(4+',2.4+0(--,4('4+-,4+
   (*4+4-+ /4+,**(+()2,,+()/'1+ 1-'2(''/(%,-',+4%+0424''1+04+244/'(2,+1+04+240/22,+%(+321324(+
32,*'(.41-,+

312'1+3,2 ,-'/(%,+0,%+0(--1+ ,+24(-,+(+ (24 1+0,%%$(**4 /2('1+3,2+1-4+0(--1+


 
%4#/40(4%,+*, 1-01+%(+31%4..(+

 ,244 (2*4+0,%%$,),-'1+0(--1*1+3,2+4%+#/(%,+"+32,*'('(+%(+(2(-.4(+(**4 /2('4)(+

160
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 161

BLT 2.2020 – PROFESSIONE

 
! ! ! ! !!!! 
 
!
 !!
  
 ! ! !  !!!  
    !!! !!!!
!  !    ! 

 !!!  !!!!!! !!


 
!!!! ! !! !!!

B
B

A@?>=<B;:B987B:43241202B/.4B-
  
,B*)(33:':3&B:4B':03%B12**(B$8(*2B:*B90.#2"":.4:"3(B":B02*(!:.4:B(4/ 2B
1:0233(2432B/.4B:*B/*:2432/.:332432B.99802B":(B/ :((3.B(B021:202B2*(.0(3:B12"3:4(3:B(1B2""202B#:0(3:B2B/.4
"24(3:B (*B /*:2432B (4/ 2B 83:*:!!(3:B 920B 0:/ :21202B 9202"":B 2B (83.0:!!(!:.4:B 902"".B *(B 98*:/(B (:4:"30(!:.42B
2//BA@<B
A@?><B;:B"24(*(B(B3(*B90.9.":3.B(""B=B4BB"2/.41.B/8:BB42**)("":/80(!:.42B12**(B02"9.4"(:*:3&B
/:':*2BB#.41(243.B12**).*:(!:.42B1:B0:"(0/:02B:*B1(44.B(B4.0(B12**)(03B==B12*B.1:/2B/:':*2B/.(B=BB
*):983(:*:3&B12*B#(33.B1(44.".B(B3:3.*.B1:B/.*9(B(4/ 2B0('2B24302B".4.B2"/*8":B1(**(B(0(4!:(B("":/80(3:'(B84:
/(2432B :B 1(44:B 120:'(43:B 1(B #(33:B 1.*.":B 12**)("":/80(3.B :7B /.430(0:(2432B (B $8(43.B (//(12B :4'2/2B
42**)("":/80(!:.42B 920B 1(44:B 42**(B $8(*2B ".4.B 2"/*8":B 1(**(B (0(4!:(B :B #(33:B (112:3(:*:B 920B /.*9(B 0('2B (""B
=B/:3 BB
:(1:"/2B:4B90.9.":3.B(""B
=B4BB/ 2B*)("":/80(!:.42B12**(B02"9.4"(:*:3&B/:':*2B920B*(B"8(B"32"
"(B124.:4(!:.42B2B4(380(B:9.03(B42/2""(0:(2432B*)2"324":.42B(4/ 2B(B#(33:B/.*9.":B/.4B*(B".*(B2//2!:.42B1:B
$82**:B1.*.":B02"3(41.B2"/*8".B:4B(4/(4!(B1:B2"902""2B/*(8".*2B*::3(3:'2B12*B0:"/ :.B/ 2B*(B(0(4!:(B("":/80(3:
'(B4.4B/.90(B(*/842B#.02B1:B/.*9(B 42**.B"32"".B"24".B(4/ 2B(""B===B4B BA@<B
A@?><B (B4.0(B.1:#:/(B:4B3(*B"24".B*)(03BB12*B B===B/.(BB/ 2B/.2B':"3.B902"/0:'2B*).*:.BB
9.:B0:902".B21B:430.1.33.B42*B B==B/ 2B (B1(3.B/.4/023(B(338(!:.42B(**(B0:#.0(B12*:B.01:4(243:B90.
#2"":.4(*:B B 920B :B 90.#2"":.4:"3:B 1:B "3:98*(02B 84)("":/80(!:.42B 920B *(B 02"9.4"(:*:3&B /:':*2B 920B :B 0:"/ :B 120:'(43:B
1(**)2"20/:!:.B12**)(33:':3&B90.#2"":.4(*2B
(B4.0(B:4B$82"3:.42B":B(99*:/(B(4/ 2B(**2B9.*:!!2B("":/80(3:'2B:4B/.0".B1:B'(*:1:3&B(**(B1(3(B1:B2430(3(B:4B':.02B
12**(B*22B21B(B3(*B#:42B*2B/.9(4:2B("":/80(3:'2B20(4.B324832B(B#.08*(02B3292"3:'(2432B84(B.99.0384(B90.
9."3(B1:B0:42.!:(!:.42BA@<B
A@?><B .*241.B #(02B 84B 2"29:.B "2B 182B ".233:B B 2B B 12'.4.B (B B 84B 0:"(0/:243.B 1:B /(8"(4.B 80.B
$82"3)8*3:.B9.30&B0:'.*20":B:41:##2024322432B(1BB.BB920B*):4320.B:9.03.B;2B(1B2"29:.B"(0&B9.:BB(B9((02B
*):4320.B0:"(0/:243.BB4.4B"(0&B32483.B(B9((02B48**(B(BB9.:/ B:*B1(44.BB"3(3.B/.9*23(2432B0:"(0/:3.B;8/
/2"":'(2432BB9.30&B3833(':(B0:'(*20":B"8BB/.4B0:#20:243.B(**(B$8.3(B1:B1(44.B:983(:*2B(B$82"3)8*3:.BA@<B
A@?><B?4B.*3:B/(":B:*B$82"3:.4(0:.BB124.:4(3.B- ,B.B(4/.0(B9:%B"92"".BB0:/.902".B42**)(:3.B1:B
84(B- ,B42**(B$8(*2B*)("":/80(3.B(""82B*(B'2"32B1:B-

 ,BA@<B
A@?>
<B ?4B /(".B 1:B (4/(3.B 3292"3:'.B ('':".B 1:B ":4:"30.B *)("":/80(3.B 92012B :*B 1:0:33.B (**):41244:!!.B ".*.B "2B *(B
(4/(4!(B":BB'20:#:/(3(B/.4B1.*.B2B4.4B:4'2/2B/.4B/.*9(B (03B==B12*B.1:/2B/:':*2 BA@<B
B

161
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 162

BLT 2.2020 – VARIE

  





$1%#*'"!0)(*%' .,.-'0%' 0%1,%0,1.++,+.*)0%#.%*00%#.0((,!0)(0%.),1.++,(0%,1%
-"0,!0)(*% *% ,1101.!.),+.*)0% #0110% ,.00% ,' .(0((*).' 0% "% 0)0.'.,0%
#011,1."*(,%$%.#*((,%#01%%)"!0*%(0%#011,%,011,%%,(0%$$%,110/,(,%
,1%& & &%

%-*1*%)011,%!.-",%.)%'".%10%-(0--0%*00%.-*)#,)*%,110%0
'"1.,.(%(0').' 0%.)#.',(0%#,1%&&%
&%
=
=
%

 
.9/;-8,8=++*=-8))0=+*=,3//(=0'*=,3&&3=%$=,6&,;8=%###*=4(=%+%="=.,;!68/0= .=8:393=
;40,;550/3=0,=26:390)34/8=7;=099;393=09-;/3//84;-3(=
=
=

0=8-;3/=..=;4=23&6;/8*= 2/04/3*=8-;3/=8=84/9;634/3'=0=:39=8&&3//8=28-;0,3=,0=:98&3//0"
5;843*= -82/965;843= 3= )84/0&&;8= 7;= )84/0-09;-;*= 239182-0,0*= 02-34289;= 3= :;0//089)3= 3,310/9;-;= 04-3=
;40,;550/3=0=-84234/;93=;,=26:390)34/8=7;=099;393=09-;/3//84;-3=-87;-3=.=%(%%(#+="=09;-0"
5;843= 7;= 02-34289;*= )84/0-09;-;= 3= 2-0,3= )8;,;*= 0//;1;/= 218,/0= :93228= 64;/= ,8-0,3'(= ;= 93&8,0*= 8:390=
2/;:6,0478=-84=;=:98:9;=-,;34/;=-84/90//;=7;=0::0,/8*=0=489)0=73&,;=09/;-8,;=+ =3=23&634/;=73,=-87;-3=-;1;"
,3*=0134/;=0=8&&3//8=894;/693=-7(=-;01;=;4=)048*=-;8 =-8):9342;13=2;0=73,=:9878//8=239182-0,0*=:;0//0"
89)0=3,310/9;-3*=02-342893=3/-('=2;0=73,,3=8:393=37;,;=3=0--32289;3=43-32209;3=0,, ;42/0,,05;843=73,, 0:"
:093--;0/690= 0,, ;4/3948= 73,, ;))8;,3= 43,,3= :09/;= -8)64;= 7;= 37;;-;= -8478);4;0,;= 8= 0,, ;4/398= 73;= 2;4&8,;=
0::09/0)34/;'(=
0=8-;3/= =-937;/9;-3=73,=20,78=7;=64=-84/90//8=7;=0::0,/8=:39=)046/345;843=2/90897;409;0=!6;47;=484=
:39=3,;);405;843=73,,3=099;393=09-;/3//84;-3'=-84=894;/690=3=)84/0&&;8=7;=64=;):;04/8=7;=28,,310)34"
/8=:39=:392843=;4=1048=2-0,0=-8478);4;0,3=484=0134/3=,3=);2693=);4;)3=:932-9;//3=70,, 09/;-8,8=(+(+
=
73,=( (=%
+=3*=:39=7;=:;*=90&&;64&;;,3=28,8=78:8=0139=:39-8928=640=90):0=7;=2-0,3'*=;4=90&;843=
73,=0//8=-3=;,=-8478);4;8=-,;34/3=;42;2/3=43,=-;37393=, 0::,;-05;843=73,, .=0,==:39=-34/8*=04-3=26,,0=
2-89/0=73,=:09393=7;=64=-8426,34/3=/3-4;-8=7;=:09/3(=
 2/04/3= 90::93234/0= 7;= 01393= 73;= 76;= ;4= )39;/8= 0,,0= 84/= 7;= !632/0= 9;-;32/0= ;4= !604/8= 9;/;343= 484=
73;4;/;10)34/3=-;09;/3=70,, 0));4;2/905;843=;4045;09;0=,3=-847;5;84;=0,=9;-899393=73,,3=!60,;= =:822;;,3=
0::,;-093=, 0,;!68/0= .=73,==:39=-34/8=0&,;=;4/39134/;=;40,;550/;=0,=26:390)34/8=73,,3=099;393=09-;/3/"
/84;-3(=
0= 8-;3/= :93)3//3= 7;= 0139= :93234/0/8= ;2/0450= 7;= ;4/39:3,,8= 0,,0= -8):3/34/3= ;935;843= <3&;840,3= ;4=
9313*=<'*=-3=0=039)0/8=84=9;&60978=0&,;=02-34289;*=0,,3=90):3*=0;=)84/0-09;-;*=0;=239182-0"
,0*=3--(((=&,;=09//(==3==73,=( (=4(=%
=73,=+=0448=2/0;,;/8=7;)342;84;=3=-090//39;2/;-3=2:3-;;-3=
-3=731848=:82237393=:39=&0904/;93=;,=26:390)34/8=73,,3=099;393=09-;/3//84;-3=04-3=-84=9;&60978=0=
37;;-;=&;=32;2/34/;(=0=)04-0/0=-899;2:8473450=0=648=28,8=73;=93!6;2;/;=/0220/;10)34/3=2/0;,;/;=70,=,3&;"
2,0/893*=/0,3=70=82/0-8,093=;,=9;,02-;8=73,,0=-8489);/=70=:09/3=73,=:98322;84;2/0=0;,;/0/8*=;):37;2-3=7;=
!60,;;-093=, 8:390=-8)3=7;93//0)34/3=;40,;550/0=0,=26:390)34/8=8=0,, 3,;);405;843=73,,3=099;393=09-;"
/3//84;-3=3*=7;=-8423&63450*=484=-84234/3=7;=0::,;-093=, 0,;!68/0= .=73,==:39=-34/8=:931;2/0=70,=4(=
+"/39'*=73,,0=03,,0=.*=:09/3= (=3=-8423&63=-3=,077813=, ;4/39134/8=18,/8=0,=26:390)34/8=73,,3=09"
9;393=09-;/3//84;-3=2;0=930,;550/8=43,=9;2:3//8=73,,0=1;&34/3=489)0/;10=/3-4;-0=28:90=;47;-0/0*=,8=2/3228=
:8/9=343;-;093=73,, .=73,==:39=-34/8=0;=2342;=73,=-;/0/8=4(=+"/39'*=73,,0=03,,0=.*=09/3= *=0,,3&0/0=
0,=7((<(=4(=

=73,=+$%(=
0,3=9;2:82/0=-;09;2-3=-3=, 0::,;-05;843=73,, 0,;!68/0= .=73,==:39=-34/8= =-;9-82-9;//0=0,,3=;:8/32;=;4=
-6;=2622;2/3=, 33//;10=9;2:8473450=73&,;=02-34289;=3=73&,;=0,/9;=3,3)34/;=;42/0,,0/;=0,,3=:3-6,;09;/=/3-4;"
-3= ;):82/3= 70,,0= 489)0/;10= 7;= 23//893= -9(= 09/;-8,8= (+(+
= 73,= ( (= %
+'*= 23450= ,02-;093= 2:05;8=
0,,0=:822;;,;/=7;=7398&093=0=/0,;=-090//39;2/;-3=2/96//690,;=);4;)3(=8)3=48/8*=:39*=, ;4/39:3,,8=0=:89/0"
/0=32-,62;10)34/3=28&&3//;10(=
.=:09393=73,=84/9;634/3=,0=-8426,3450=&;69;7;-0=4(=+=73,=%=,6&,;8=%#+=0134/3=07=8&&3//8=;09;"
)34/;=;4=)0/39;0=7;=0,;!68/3= .=3=9;/346/3=7 0--84/8=0::,;-0;,;=0,,3=7;13923=8:3905;84;=0134/;=07=8&&3//8=
02-34289;*=;1;=-8):9323=!63,,3=;40,;550/3=0,, 00//;)34/8=73,,3=099;393=09-;/3//84;-3*=2;=7;2-82/0=70,=

162
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 163

BLT 2.2020 – VARIE

=3<6<6@:6113@0?@=<>/3@.>232;-@>7@2316@56:6,@1+3//>7>52<38>;76@*>7378>3<>3@7;7@)3@:6*>7>2;@5=6.>*>.3/6726@>@
2<322>@:611+3(64;138>;76,@1>/>237:;5>@3:@3556<><6@.)6@'96113@.;7267923@761@79/6<;@&%$26<#,@:6113@"3!6113@
,@3<26@,@:61@:?@7@@:61@%@@97+3(64;138>;76@:><6223@3@*34;<><6@1+656.98>;76@:>@;=6<6@*>73$
1>88326@ 311+3:6(93/672;@ :6(1>@ 6:>*>.>@ 3116@ =<65.<>8>;7>@ .;7267926@ 76113@ 16((6@ @ (6773>;@ %,@ 7@ %,@ <6$
.3726@ +0>5=;5>8>;7>@ =6<@ *34;<><6@ >1@ 59=6<3/672;@ 6@ 1+61>/>738>;76@ :6116@ !3<<>6<6@ 3<.)>2622;7>.)6+,@ 56783@
292234>3@=<6.>53<6@31.97.)@.><.3@13@=;55>!>1>2@:>@*<9><6@:611+31>'9;23@ @:61@&@=6<@.672;@37.)6@>7@>=;265>@
:>@:6<;(3@3>@<6'9>5>2>@/>7>/>@:>/675>;731>@:6(1>@616/672>@;((622;@:>@>75231138>;76,@;46@<>.;<<37;@16@.;7:>$
8>;7>@523!>1>26@:311+3<2>.;1;@@:61@0@7@@:61@%@
1@<>(93<:;,@1+523726@<>.;<:3@.)6@1+3<2>.;1;@&%%@:61@.>232;@0@=<646:6@5=6.>*>.)6@.3<3226<>52>.)6@26.7>$
.)6@$@:6223(1>326@761@59..655>4;@3<2>.;1;@%%@$@.)6@>@56<4;5.313,@(1>@35.675;<>@6@(1>@312<>@616/672>@>75231$
132>@:;4<6!!6<;@=;556:6<6@=6<@6556<6@.;75>:6<32>@>:;76>@3@.;75672><6@>1@59=6<3/672;@:>@!3<<>6<6@3<.)>$
2622;7>.)6@'931>@:>/675>;7>,@=;<2323,@461;.>2,@5>.9<6886@:6>@.;/37:>@62.#@
1@59..655>4;@3<2>.;1;@@=6< @135.>3@3=6<23@13@=;55>!>1>2@:>@:6<;(3<6@3116@5=6.>*>.)6@26.7>.)6@:>@.9>@31@.>$
232;@3<2>.;1;@-@
$@ '931;<3@ 16@ 5;198>;7>@ 3126<732>46@ 3116@ 5=6.>*>.38>;7>@ 6@ 3116@ 5;198>;7>@ 26.7>.)6@ #@ <>5=;7:37;@ 3116@
65>(6786@ 5;22;>72656@ :3>@ .<>26<>@ :>@ =<;(62238>;76@ 56/=<6.)@ 2316@ 65>(6783@ :>@ /37.3<6@ 31@ <>5=622;@
:6>@<6'9>5>2>@26.7>.>@:611+3<2>.;1;@@<>5912>@322652323@:3@973@<6138>;76,@.;<<6:323@:3@(<3*>.>@76.6553<>,@
.;7@13@'9316@ 467(3 @>11952<323@1+3126<732>43@=<;=;523@6@1+6'9>4316726@;@/>(1>;<6@'931>2@:6(1>@65>2>@;226$
7>!>1>#
@;==9<6@
$@7611+3/!>2;@:>@>726<4672>@:>@<>52<9229<38>;76,@'931;<3@5>3@:>/;52<323@1+>/=;55>!>1>2@26.7>.3@.;776553@
3(1>@616/672>@52<9229<31>@6:@>/=>372>52>.>@:611+6:>*>.>;,@=9<@:;467:;@>7@;(7>@.35;@<>5=6223<6@1+3<2>.;1;@%,@
.;//3@,@:6113@16((6@7@%@:61@%@
3@=;55>!>1>2@:>@973@:6<;(3@)3@>7:;22;@/;12>@;=6<32;<>@:61@5622;<6,@2<3@.9>@>@.1>672>@:6113@;.>62,@3:@3:;2$
23<6@973@265>@652675>43@:611+3(64;138>;76@>7@.;//672;@56.;7:;@13@'9316@1+31>'9;23@ @:61@&@=6<@.672;@
5=6223@37.)6@'937:;@1+35.675;<6@5>3@595.622>!>16,@>7@352<322;,@:>@59=6<3<6@16@!3<<>6<6@3<.)>2622;7>.)6@=9<@
7;7@<>5=;7:67:;@3>@1>/>2>@:>/675>;731>@6167.32>@311+3<2>.;1;@%%@:61@0@%@3@.3953@:6116@>/$
=;55>!>1>2@26.7>.)6@.;776556@3(1>@616/672>@52<9229<31>@6@>/=>372>52>.>@:6(1>@6:>*>.>@76>@'931>@5;7;@>75231132>@
.*<@3<2>.;1;@@:61@.>232;@0#@7@926726@.3<:>;=32>.;,@3:@656/=>;,@7;7@@:>53!>16@/;2;<>;@.;52<622;@59@
56:>3@3@<9;26@6@=6<2372;@.;7@<>*6<>/672;@3113@593@.326(;<>3,@=6<@59=6<3<6@16@!3<<>6<6@3<.)>2622;7>.)6,@53$
<6!!6@59**>.>6726@97@7;</316@>/=>372;@:>@5;11643/672;,@65567:;@>7>7*19672>@16@/>59<6@>726<76@:6113@.3$
!>73@;446<;,@3@=<65.>7:6<6@:3113@.;7*;</>2@:>@'9652+912>/6@3116@:>/675>;7>@/>7>/6@6167.326@:311+3<2>.;$
1;@%%@:61@0@%#,@;@13@<631>8838>;76@:>@97+;=6<3@:>@3!!322>/672;@5;1;@=3<8>316@=6<@656/=>;,@
<3/=3@5.313@7611+>7(<655;@7;7@3!!322923,@5!3<.;@3>@=>37>@/68837>7>@62.#@
;7@ 65567:;.>@ 97+>726<=<6238>;76@ 97>4;.3@ :3@ =3<26@ :6>@ .;//>22672>@ 6@ :6113@ .;7.;<<6783,@ (676<37:;@
35>//62<>6@6@:>52;<5>;7>@:>@/6<.32;@;12<6@.)6@97@=;2678>316@:377;@=6<@13@526553@ //>7>52<38>;76@*>737$
8>3<>3,@:323@37.)6@13@:>/675>;76@7;7@2<35.9<3!>16@:61@/6<.32;@'935>@%@/>1>;7>@:>@69<;@:>@*3229<32;@
761@/6<.32;@>726<7;#,@13@;.>62@.)>6:6@.)6@467(3@:6*>7>2>43/6726@.)>3<>23@1+653223@=;<2323@:6113@7;</3@
.;7267923@761@79/6<;@&%$26<#,@:6113@"3!6113@ ,@3<26@,@:61@:?@7@@:61@%@>7@56(9>2;@06.<62;@
 #@7@312<>@26</>7>,@.)>6:6@:>@.)>3<><6@56@=6<@1+3==1>.3<6@1+ @31@&@=6<@.672;@5>3@76.6553<>3@13@<>5=;7$
:6783@ :611+;=6<3@ <631>88323@ 7611+3/!>2;@ :61@ .;72<322;@ :>@ 3==312;@ 3116@ .3<3226<>52>.)6@ 26.7>.)6@ 6167.326@
7611+3<2>.;1;@%%@:61@0@7@@:61@%,@;==9<6,@=>@(676<>.3/6726,@5>3@59**>.>6726@.)6@13@=<6523$
8>;76@>7@;((622;@:6!!3@<>5=6223<6@761@59;@.;/=1655;@13@:>5.>=1>73@.;7267923@761@.>232;@0,@.;7@*3.;12,@
'9>7:>,@:>@>74;.3<6@$@13::;46@=;55>!>16@$@13@:6<;(3@:>@.9>@311+3<2>.;1;@@:61@/6:65>/;@:6.<62;@3>@<6'9>5>2>@
/>7>/>@:>/675>;731>,@:>@=;<2323@6@:>@5>.9<6883@6<2372;,@13::;46@97@=<;*655>;7>523@3!>1>232;@322652>@.)6@
1+>726<4672;@$@=9<@7;7@;226/=6<37:;@3116@.3<3226<>52>.)6@/>7>/6@:>@:>/675>;76,@=;<2323,@461;.>2@6@5>.9$
<6883@:6>@.;/37:>@:>@.9>@31@=>@4;126@.>232;@3<2>.;1;@%%@$@<>672<>@.;/97'96@76116@>=;265>@:>@:6<;(3@=<6$
4>526@:311+3<2>.;1;@@:61@0@%,@<>59126<6!!6@.;/97'96@3==1>.3!>16@1+ @31@&@=6<@.672;@
7@912>/;,@>1@;72<>!96726@*3@=<656726@.)6@3:;2237:;@1+>726<=<6238>;76@652675>43,@(<37@=3<26@:6(1>@6:>*>.>@
=<665>52672>@@595.622>!>16@:>@(>952>*>.3<6@973@=<;(62238>;76@>7@:6<;(3@3>@<6'9>5>2>@26.7>.>@/>7>/>@:611+3<2>$
.;1;@@:61@0@%@!352>@=6753<6@3(1>@6:>*>.>@52;<>.>#@6@.;756(9><6!!6@.)6@>@<6'9>5>2>@/>7>/>@:>@
.9>@ 311+3<2>.;1;@ %%@ =;2<6!!6<;@ >7@ .;7.<62;@ 6556<6@ <>5=62232>@ 5;1;@ '937:;@ 1+>726<4672;@ @ 656(9>2;@ 59@
79;46@.;52<98>;7>@
@
@
 


  
    


>@*>7>@:611+3==1>.38>;76@:611+31>'9;23@ @:61@&@=6<@.672;@@76.6553<>;@>1@<>5=622;@:6>@<6'9>5>2>@/>7>/>@=<6$
4>52>@:311+3<2>.;1;@%%@:61@0@7@@:61@%@7@.35;@.;72<3<>;,@.>;@'937:;@1+3==312;@:6113@/379$
2678>;76@52<3;<:>73<>3@@<631>8832;@>7@:6<;(3@3116@:>/675>;7>@/>7>/6@:61@.>232;@0,@5>@3==1>.3@1+31>'9;23@
 @:61@%@=6<@.672;@
@
@

163
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 164

BLT 2.2020 – VARIE




 
 


 

+*:13)065:('&,06%:40**-:$-#0**-:"!:7-6,0:++!:-**0 -,-:060,5:+":760.040:0:/8-15:-//5 0,,-,0:-**-*8&
35,-:40*:(:706:01,5:*0:760/,-28518:48:/06.828:48701401,8:4-:51,6-,,8:48:-77-*,5:5:-.01,8:-4:5 0,,5:*-:
60-*822-28510:48:57060:4860,,-)01,0:81-*822-,0:-*:/3706-)01,5:5:-**-:0*8)81-28510:40**0:#-668060:-68&
,0,,5180:
5)0:-06)-,5:10**-:51/3*012-: 836848-:1:':40*:(:*3 *85:'!:/8:,6-,,-:48:31- 0.5*-28510:4860,,-:
-:-.56860:*0/0328510:48:57060:81-*822-,0:-**-40 3-)01,5:40 *8:04888:-**0:760/6828518:51,013,0:10**-:
*0 0: : 011-85: '!: 1: '!: 60-1,0: : 8/75/828518: 706: -.56860: 8*: /3706-)01,5: 0: *0*8)81-28510: 40**0:
#-668060:-68,0,,5180:10 *8:04888:768.-,8:
0: #-668060: -68,0,,5180: 38: 81: 48/3//8510: /515: 30**0: 40/68,,0: 4-**-6,85*5: : 40*:  : '(: 83 15:
'!:1: !:-,,3-,8.5:40**-6,85*5:':40**-:8,-,-:*0 0!:-8:/01/8:40*:3-*0:/515:,-*8 :
-%: *8:5/,-5*8:8/88:0:/515:51,0:48:48/- 85:706:*-:)5#8*8,
:48:83130:04:81:7-6,85*-60:48:5*565:
0!: 706: 3-*/8-/8: -3/-!: -115: 31-: -7-8,
: )5,568-: 6845,,-: 5: 8)7048,-: 81: 56)-: 706)-101,0: 5:
,0)756-10-:
#%: *8:5/,-5*8:0:*8)8,-15:5:8)7048/515:-:83130:*-:5)54-:0:/836-:3,8*822-28510:48:7-6,8!:-,&
,6022-,360:0:5)75101,8:
%:*-:)-1-12-:48:-56 8)01,8:0:/0 1-*-28518:0:706)0,,515:*56801,-)01,5:0:*-:68515/8#8*8,
:408:
*35 8:0:40**0:51,8:48:70685*5:706:83130:0:81:7-6,85*-60:706:8:151:.0401,8!:706: *8:875.0401,8:0:
706:8:/5648:
-:68/5*328510:: 83 15:'!:1::8-68/0:0:*-*835,-:+":40*:(:706:01,5:760.8/,-:4-*:13)065:
'%:40**-:$-#0**-:"!:7-6,0:++!:40*:060,5:+"!:-77*8-#8*0:-**0:0//8518:408:#018:8.8:760.8/,8:80:75*,6510:
0:.085*8:706:81.-*848:-10:-:)5,560!:/06.5/-*-:0:-*,68:)0228:/8)8*8:-,,8:-*:/3706-)01,5:48:#-668060:-6&
8,0,,5180:706:/5 0,,8:51:6845,,0:5:8)7048,0:-7-8,
:)5,5680%!::31- 0.5*-28510:5 0,,8.-:8:81:
3-1,5:*-:81-*8,
:40**-:156)-::- 0.5*-60:8:,6-/068)01,8:48:308:#018:0!:706:*0:*565:-6-,,068/,80:
,0180: 48: 5/,6328510!: /515: 5 0,,8.-)01,0: 845108: -: 68/5*.060: 8: *8)8,8: 48: 40-)#3*-28510: 408: /5 0,,8:
51: 6845,,0: 05: 8)7048,0: -7-8,
: )5,5680!: /012-: 51482851-60: *-77*8-28510: 40**-*835,-: 6845,,-: -**-:
865/,-12-:0:*-38601,0:/8-:8*:/5 0,,5:756,-,560:48:-148-7+*:*0 8/*-,560:-:43130:81,0/5:5 &
0,,8.822-60:*-:756,-,-:-77*8-,8.-:40**- 0.5*-28510:81:0/-)0: 3-64-145:-**-:1-,36-:40*:76545,,5:043,5:
783,,5/,5:0:-**-:/,-,3/:48:81.-*848,
:40*:/5 0,,5:-38601,0:+1:,-*0:5,,8-!:*-*835,-:6845,,-:40*:(:706:
01,5:73:-77*8-6/8:81:5 18:-/0:48:5))068-*822-28510:40*:#010!:-10:10**875,0/8:81:38:8*:0//851-&
685:/8-:31:5145)8185!:31:01,0!:31-:/35*-:5:/8)8*8::10**-:)8/36-:81:38:68/7514-15:-**0:703*8-68,
:,0&
180:8148-,0:4-**-:156)-,8.-:-6,85*5:'':40*: : :40*:'%:
"1-*5 0: 51/8406-28518: /8: 68,01 515: .-*840: -8: 818: 40**8148.843-28510: 40**-: 756,-,-: 40*: 13)065: ('&,06%:
40**-:8,-,-:$-#0**-:81:60*-28510:-**0:760/,-28518:48:/06.828: 48701401,8:4-:51,6-,,8:48:-77-*,5:-.01,8:-4:
5 0,,5:*-:60-*822-28510:48:57060:4860,,-)01,0:81-*822-,0:-*:/3706-)01,5:5:-**-:0*8)81-28510:40**0:#-6&
68060:-68,0,,5180:-:156)-:81:0/-)0:48:-,,5:5)7*0,-:*-:760.8/8510:40*:13)065:'%!:768)-:5)&
)01,-,5!:81*340145:*0:760/,-28518:48:/06.828:48701401,8:4-:51,6-,,8:48:-77-*,5:0:706,-1,5:8*:*0 8/*-,560:
-:81,0/5:-10:81:30/,5:-/5:5 0,,8.822-60:*-:756,-,-:-77*8-,8.-:40**- 0.5*-28510:81:0/-)0: 3-6&
4-145:-**-:1-,36-:40*:76545,,5:783,,5/,5:0:-**5:/,-,3/:48:81.-*848,
:40*:/5 0,,5:-38601,0:
+1:*810-:51:3-1,5: 8
:4-**-:/68.01,0:-06)-,5:10**-:68/5*328510:1::40*:'!:/8:68,8010:0:*-:60-&
*822-28510:48:57060:4860,,-)01,0:81-*822-,0:-*:/3706-)01,5:5:-**0*8)81-28510:40**0:#-668060:-68,0,,518&
0:75//-:#01088-60:40**-*835,-:+":6845,,-:40*:(:706:01,5!:10**-:)8/36-:81:38:*0:/,0//0:68/7514-15:
-**0:703*8-68,
:,0180:8148-,0:4-**-6,85*5:'':40*: :1: :40*:':
:

164
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 165

BLT 2.2020 – INDICI ISTAT E TASSI

-,+*)(.

2102/2.2-,+,*./)-,2.02./)-,('&2)1%.
%.,+--2.02.21,%(%--%.
'&%'$#. '"!-!. %#'. ,#'. -. $&". #,. -''#. %'.  #,-'. #.
' '#-!'.$9.0365..:177.58873259217.!59::5.03:915.$5:03:3.9::9.
57547327. 032. 9. 69245. 17:7443. 97. 039 7079217. 7. 50033. 17:7443. 9. :5.
75: 1547329. 97. 052327. 7. :30547329 . 9. :5. 75: 1547329. 9:. !,. 9. 9. :5.
75: 1547329. 3291575. 7. 639. 72. 89295:9
. . '&%'$'. '"!-!. %#'. $"!'. %'.
$"!,'&#. %'. -&-!!'. #%'''. $9. 0365. 6323. $53. 7.
3669547329. 17:7443. 29:. 30979213. 7. 6175. 9:. 03613. 7. 2395. :177.
58873259217. !59::9. 03:919
. . !-""'. %'. '&!#,#""#. #,. -.
,'-!-'&#.%#'.$,#%'!'.'2199667.:985:7.9.72199667.7.35.67827 70513 .
17:7443.9.7 99249.76 5.&39.69075:7.9.:9.1526547327.039075:7
/.
  
1
1
2102/%.2-,+,.0%2.$(%&&2.+#./)1-'").$%(.!+"2 #2%.02.)$%(+2.%.2"$2% +,2.
/....2.... ..   ....  .
!)2 .
0/.-,.+*1)('&'1,*.1%$*##.1&"1+!-( !1%*$1&.".*1,.1!%*$&.1*1.%.*&'.1+,11.( $&1+!-1
+&,*-#&1*-(."*1"*1&$.&#.!-.1-*"1'*%!1,*.1%$*##.1,.1 -1%&-.*$*1,.1*-.1*1(*$.#.1$&%%$*(*-'&'..1
,.1 *"".1,*('.-&'.1&"1+!-( !1.-&"*1,*""*1&.".*1+*1&--!1+&%!1&1 -1"&!$&'!$*1,.%*-,*-'*1
0/.-,.+*11 '.".##&'!1&1&$.1.-.1"*&".1*,1.-1%&$'.+!"&$*1%*$1&,* &$*1.1&"!$.1!-*'&$.1+!*1".1
&.''.1!1".1&((*-.1,! '.1&"1+!-. *1(*%&$&'!1*,1."1'$&''&*-'!1,.1.-*1$&%%!$'!1 1
1
' .  .
*"1*(*1,.1 1"/.-,.+*1)('&'1,*.1%$*##.1&"1+!-( !1%*$1"*1&.".*1,.1!%*$&.1*1.
%.*&'.1
)1&"1-*''!1,*.1'&&++.1(.11&''*('&'!1( "1&"!$*1,. 
1+!-1 -&1&$.&#.!-*1,.1 1
$.(%*''!1&"1*(*1%$*+*,*-'*1 -1& *-'!1,.1 1$.(%*''!1&"1+!$$.(%!-,*-'*1*(*1,*""/&--!1%$*
+*,*-'*1*1 -1& *-'!1,.1 1$.(%*''!1&"1+!$$.(%!-,*-'*1*(*1,.1, *1&--.1%$*+*,*-'.1


1
*"1*(*1,.1  1"/.-,.+*1)('&'1,*.1%$*##.1&"1+!-( !1%*$1"*1&.".*1,.1!%*$&.1*1.
%.*&'.1
)1&"1-*''!1,*.1'&&++.1(.11&''*('&'!1( "1&"!$*1,.  1+!-1 -&1&$.&#.!-*1,.1 1
$.(%*''!1&"1*(*1%$*+*,*-'*1 -1& *-'!1,.1 1$.(%*''!1&"1+!$$.(%!-,*-'*1*(*1,*""/&--!1%$*
+*,*-'*1*1 -1& *-'!1,.1 1$.(%*''!1&"1+!$$.(%!-,*-'*1*(*1,.1, *1&--.1%$*+*,*-'.1


1
1
,. .
* *1"&1'&*""&1+!%"*'&1,*""/.-,.+*1+!-1.1,&'.1('!$.+.1,&"11
1
 
)-,.+*1)('&'1,*.1%$*##.1&"1+!-( !1%*$1&.".*1,.1!%*$&.1*1.%.*&'.1
)1
1
+11). %1. !%. "+(. +$(. "+ . 2'. #' . + ). -%,. ),,. 1). 02/. "%02+.
569.++..+)).
.
     
   
   
         ( .
.        

  
            
    .
.    
   
 
                 ).

165
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 166

BLT 2.2020 – INDICI ISTAT E TASSI




 

     

 
 
  
  


 
 
 
 
 



















 
 
 
 
 



 
 
 




 




    
  
 

           

 
          
  
    
        

                           



   

                     




           
          
     


  
         
     
        


                  
        

 
         

 
 

 
 
 

   
 

            
             
  

 
     
 
           
 
  

       
 
 
           
  

   
 
     
              

                    
      

 
 
   
 
 
 
 
 
 
     

 

         
       
        

                          


     
           
 
      

       
         
        



                        
  

 

           
       
    

   
                 
    

                 
 
     
  

         
       
  
  

 
  
 
  

 
 

         
       
        



               
       
  

   
               
      


                         
  


 
  
  

               


    
 

      
                 
 


         
           
    

     
     

             
  

    
  
  
  
  
  
  
 


 
      


  
                 
   
 

 

   
             
 
 

    

 
                        

                 
     
  


                       
  
 

166
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 167

BLT 2.2020 – INDICI ISTAT E TASSI


 




 




 

 


 
      
        
           
   
     
 


 


 









  







 





   

              
 












 



  

 

 








 


 
 
 







 
  












 
  

 
                
                 
 
       
    
    
   
 
 
 
 
             
 
     
                
                    
                
   
   



    
              
                
 
   
           















 












  






 



 

  

 



 

 

 




 





 

 








 


      















   







 
 





 




  













  


 








 
 
/
  

   

 

 
   
 
.-/,-+*-)*('&/%&+$&'#"-!&/#+-/*' *$*/&'*!*/(/-'$&/#+-/*' *$*/& */-''"*/-,&'#*/!-/& &*-/
-&/ */+*&+*&'#(//%-+*/-!/+-%%(+#(/#+-/!*' *$&/-##"-!&//&/!*' *$&/*'*)*-!&//%&+//&'(/
/*!/+*"!#-#(/*'-!&//-++(#(' -#(/-!/%+*(/ &$*-!&/
/
/// // //
/
(!&' (/- /&&%*(/$-!$(!-+&/!-/,-+*-)*('&/ &!!*' *$&/#+-/*!/&&/ */
&''-*(/ //& /*!/
&&/ */ *$&+&/ //-,&'#*/&'#+-*/!-/#&-/-&/-,+&(/
/
/// // /// /

167
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 168

BLT 2.2020 – INDICI ISTAT E TASSI


       
98:7865845321:016/12.-8,1:.68:52+5/5:*12)5,5:(3:82/'1:.68:52+5/5:*1+5:822-5&:8712.5:+5%%1612.1:$8)1:
+5:65%165*12.3:#:0865:8,:680036.3:.68:,!52+5/1:8..-8,1:( &:1:,!52+5/1:525458,1:( &:016:5:/31%%5/512.5:+5:
68//36+3:.68:$8)5:/32.5-1:(&:016::*123::5,:65)-,.8.3:%528,1:#:8663.32+8.3:8,:065*3:+1
/5*8,1:
:
:: :::::::
:
5:65036.8:+5:)1-5.3:,8:.8$1,,8:/32.1212.1:5:/31%%5/512.5:+5:68//36+3:(5,:/31%%5/512.1:+5:68//36+3:#:
0865:8,,!52+5/1:*1+53:+1,:2-373:8223:$8)1:1)061))3:21,,8:$8)1:061/1+12.1:+575)3:&::
:

31%%5/512.5:+5:68//36+3:52+5/1: ).8.:+15:061445:8,:/32)-*3:
016:%8*5,51:+5:301685:1:5*0518.5:( &:
:
  
           


 
 
  

  
 
  
  

 

 
 
 
 
 
  
 

  
 
  
 
  

  
 

   
  
 
   
 
 
 

    


   
  
  
 
     
 


 

      


 

       
 


        


         
 
 

  

     
:
3,12+3: 8+: 1)1*053: /8,/3,861: ,8: 7865845321: +1,,!52+5/1: .68: 5,: *1)1: +5: 122853: : ( : 52:
$8)1: : :&:1+:5,:*1)1:+5:+5/1*$61: :( :52:$8)1:: :&:8761*3
:
:
 :: :: ::::: : :
:
3,12+3: 82/368: 8+: 1)1*053: /8,/3,861: ,8: 7865845321: +1,,!52+5/1: .68: 5,: *1)1: +5: 122853: :
( :52:$8)1: : :&:1+:5,:*1)1:+5:122853::(:52:$8)1: : :&:8761*3
:
:
 ::::  ::::: :  :
:
  
  
  

 

           
16:5:/32.68..5:+5:,3/845321:+5:5**3$5,5:8+5$5.5:8+:-)3:+5716)3:+8:-1,,3:+5:8$5.845321:(8+:1)1*053:
5: 21345&: : +5)/50,528.5: +8,5: 86..:  : +1,,8: 9:  : 751: 82/368: ,!86.: : +1,,8: 9:
 :52:$8)1:8,:-8,1
:
:,1:086.5::/32712561:/'1:5,:/82321:+5:,3/845321:)58:853628.3:822-8,*12.1:)-:65/'51
).8:+1,:,3/8.361:
:016:5:/32.68..5:).50-,8.5:8,,8:+-68.8:*525*8:( :8225&:,!853628*12.3:232:0-:1))161:)-01

168
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 169

BLT 2.2020 – INDICI ISTAT E TASSI

8768594392109/53349.4874-76,59/533+7,/7*59)('4'9/579&85--79439*6,(%$69&589359#4$7"3759/796&58479
597$&75"4'7!9
93+4""768,4$5,'69&%987"%48/48594,*5935936*4-76,79('4"76,4379
58935936*4-76,7947'4'7.59,6,94/95%69*4,6,59/7(*7&37,4'59%7,/79/43349993+5.5,'%4359
&85.7(76,59/79%,94""768,4$5,'697,94(59433+7,/7*59)('4'9987$5((4943349375849*6,'84''4-76,59/53359
&48'79 %4,/69 ,6,9 (749 6""5''69 /5"379 4**68/79 ('7&%34'79 7,9 (5/59 36*4359 '849 359 68"4,7--4-76,79 /53349
&86&875'95/737-7495935968"4,7--4-76,79/579*6,/%''6879479(5,(79/533+48'99/5334999*6$$49
9
),9'%''7979*4(79'84''4'79439&85(5,'59&484"84#693+4""768,4$5,'69 9(59(&5''4,'597,94(5943359&4''%7-76,79
.7"5,'79 94,/89*43*634'69(%33494(59/53349.4874-76,59/533+7,/7*59)('4'9 )97,'58.5,%'496",794,,69
,539$5(59*6887(&6,/5,'5949%53369/79('7&%349/539*6,'84''69 4/95(5$&7697,9*4(69/79*6,'84''69('7&%34
'6949"5,,4769
 9349.4874-76,594,/89*43*634'49,53349$7(%849&4''%7'497,94(59433+7,/7*59)('4'9/539
$5(59/79"5,,4769
2949.435859(%79*4,6,79
29"5,,4769
949.435859(%79*4,6,79
959*6(9
.749)39'%''696..74$5,'59(43.69/7.58(59&4''%7-76,79'849359&48'79
(%43$5,'5979*6,'84''79&85.5/6,69*6$%,%59%,94""768,4$5,'697,9$7(%849&4879439

096&&%859439
2109/533+7,/7*59)('4'9
7987*68/49*59&589"3797$$673794/9%(69/7.58(69/49%5336947'4'7.693+687"7,48749.58(76,59/533+48'9
9 /53349 9 29 &85.5/5.49 3+4""768,4$5,'69 /539 *4,6,59 *6,9 #85%5,-49 75,,435!9 /5''49 /7
(&6(7-76,599('4'49&679$6/7#7*4'49/4399
2
19,99 9
1
19,99*5949(4,
*7'69 4,*59 &589 %5('79 7$$67379 739 &4((4""769 439 85"7$59 /79 4""768,4$5,'69 4,,%4359 49 #489 /4'49 /439


19+4""768,4$5,'6975,,4359&58$4,59%7,/7949'%''+6""79(634$5,'59&58979*6,'84''79('7
&%34'79 4,'58768$5,'59 43349 /4'49 /79 5,'84'49 7,9 .7"6859 /539 9 19 *59 4,*6849 &86(5"%6,69 /79
87,,6.697,987,,6.69
9
5"%6,69359'453359/7987#587$5,'6!9&5894&&86#6,/7$5,'79(%3359$6/437'9&589*43*634859739*4,6,59/79
36*4-76,595/9739(%694""768,4$5,'69(7987,.7494334987(68(496,37,5
9
79.5/494,*5934987(68(496,37,5919
9

58*5,'%4379/794%$5,'697,/7*59 )9'849*74(*%,9$5(59
5/9739*6887(&6,/5,'59$5(59/533+4,,69&85*5/5,'59
9
              



  
  
  
  
 
 
  
  
 

 
 



 

 
 

 

  
 
 

 
  
 


 

 
 

  
  
 
 



 
 
 
  



 
  
 

  
  
  
  
  
 
  
  
  


 
  
 
 
 
 

 
  
  
 

 


 
 
 



 
  






 

 


  
  
  
  
  

 
  
 


 


 
 

 
 



 

 
 




 
  
  
  
  
  
  
  
 
  
 
 


  
 








  
  
  


 
 


 
 
  
 
 

  
  
 

 


 


 





  
  
  
  
  
 



  
 


 
 
 
 
 

 

 


  
  



  

 

 
 
 
  
 
 


 
 

  
 
  
 
  
 
  
  
 
  


               
        

169
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 170

BLT 2.2020 – INDICI ISTAT E TASSI


 


          

     
    


        

       
         
      

                        

                       



   
              





 
     
  

     
  

   


            




  


            


                       

 
               
      

   

                    

                
 
   
  

                   
 
  

 
                      


   
   
 
 
 
          

 
                      

                         

                        

 
 
 
   
   
          

               
      

                        

        
         












        

  

  


  

    


   
         
 


              


            

  
                
























            


  

                 

    


     
 
      

   
       
     
      

                        

     
                  
   
                    
                         
     
 
                
         
         
 
  
                        
                        
                         
       
 
              
            
     
    

           
            

170
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 171

BLT 2.2020 – INDICI ISTAT E TASSI



   
      
   
            











  

      
                 
     
     
            
       
                
 
   
     
            
                
             
   
               
        


    
 
         

    
 
        
         
        
          
  
                    
        
 
  
                      
    
                             
   
     
        
       

 

 
  
                       
         
         
  


         
           
                
              
 
 
 

 
 



                            
      
             
       
 
                   
        
                        


        
                
   


 


   
       
    
      
  
             
   
 
 

                   
        

 
 
 
           
           
       


  
               


                         
                    


 

    
 
   

 
 

   
 


 
 
 
 
 
 

 
 

 


 


 

         
    
           
  
  
             
 
                         
    
                      
 
                    

        

          
        
     


171
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 172

BLT 2.2020 – INDICI ISTAT E TASSI



 
 
 
  
 
  
 
 
  

 



 

 





 
  
  
 
 

 
  
 
 
  
 
 
  
  
  
 
 


  
 
 
 
 
 
 
  
  
 
  
  


 
 
 


 
 
 
  
  
  
 


 
  
  
  
  
  

 

  
 
  
 

 
 
  

 
 
  
 
 
  
 
  
 

 
  
  
  
  
  
 
 
  
 
 
  
 

 
 
  
  
  
 
 
 
 
  
 
 


  
 
  
  
  
  
 
  
 
  
 
  


 
  
 
 
  
 
 
 
  
  
 
 



 
 
 
 
 
 
  
  
 
  
 
 


 
 
  
 
  
 
  
 
 
 
  
 


 
 
 
  
 
 
 
 
 
  
 
  
 

 
 
  
  
  
 
 
 
 
  
  
 
 

 
 
 
  
  
 
  
  
  
  
 
  


 
  
  
  
 
 
 
  
 
 
  
 


 
  
 
 
  
 
  
  
  
  
  
  
 

 
 
  
 
 
 
 
  
  
  
 
 
 


 

 

 
 
 

 
 
 



 
 

 

 
 

 






 
 
 
 


 
 
 
 





 
 
 
 

 
  
 

  
 
  
 
 
  
 
 

 
 











 
  
 

 


 










 
 

 

 


 




 
 
 


 
 
 

 
 


 


 
 



 



 



 
 
 
 
 
 
 

 
 
 
 
 
 
 
  
 
 
 
 
 
 




 
 

  

 

 

 
 



 




 



 
 


 
  
 
 
 
  
  
  
 
  
  
 
  
  
  
 
 
 
 



 
 
 
 

 
 
 

 

 
 
 
 



 

 
 


  

  
 
  
  
 
 
 
 
 




 
 
  
 
  
  
 
 

 


 
 


 

 

 
 


 
 
 



 

 




 
 



 
 



 




 


172
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 173

BLT 2.2020 – INDICI ISTAT E TASSI




 

 
 
 

   

 

              

 

 
 
 
 
  
 
  
 
  
  
 

 
  
  
  
  
 
  
  
  
 
  
  
 


 
  
 
  
  
  
  
  
  
  
 
  
 

 
 
 
  
  
 
 
  
  
  
 
 


 
 
  
 
 
  
 
  
  
 
  
 
 

 
 
  
 
  
  
  
  
  

  
 
 

 
  
  
  
  
  
 
 
 
  
  
 



 
 
  
  


 
 
 
  
 


 
  

  
 
 
  
  
  
 
  
  


 
  
  
  
 
 
  
 
  
  
  
 
 

  
 
  
  
  
 
  
 
  
  

 
 


 
  
  
 
 
  
  
  
  
 
  



 
 
 
  
  
  
  
  
 
 
  
  


 
  
 
  
  
  
  
 
  
  
  
  


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 



 
 
 
 
 
 
 


 
 
 
 
 



 
 


















 





 
 
 
 
 
 


 
 




 
 
 
 
 
 



 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 

 
 

 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 

 
 
 
 
 
 
 
 
 


 
 


 

 
 
 
 
 
 


 

 

 



 
 
 
 


  
 
 
 
 
 
 
 
 
 
 
 



 

 
 
 
 
 
 
 
 
 



 
 
 
 
 
 
 
 
 
 
 
 


 
 
 

 
 

 
 
 

 


 
 
 
 
 




 
 
 


 



 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


  
 
 
 
 
 
 
 
 
 
 
 


173
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 174

BLT 2.2020 – INDICI ISTAT E TASSI






 
 
 
 
 
 
 

 
 
 







 


 












 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 








 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 








 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 

 




 
 
 
 
 














 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 







 
 
 
 
 
 
 








 

 
 
 
 














 
 







 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 






 
 
 
 









 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 






 
 


 
 






























    
 
         

    
 
        
 
 

  

  
 
 
  
 
 
 

 
 
 
 
 
  
 







 
 
 

 
 
  
 
 
  
  

 






  
 
 
 
  

 
  
 

 
 
 
 
 
 
 
 

 
 
 
 
 
  

 
 

  
 

 
 
 
 
 
 

 



 
 
 
 
 
 
 
 
 
  
 
 
 
 

 
 
 

 
 


 
 
 
 

 



 
 
 
 
 


 


174
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 175

BLT 2.2020 – INDICI ISTAT E TASSI







 






 





 
  
 
 
  
 
 

 


 
 
 
 
 
  
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
  


 
 
 
 
 
 
  
  
  
 
 
  


 
 
  
 
 
 
 
 
 
 
 
 
 

  
 
 
 
 
 
 
 
 
  
 
 


 
 
 
 
 
  
 
  




 







 

 


 
 



 
 






















 


 
  
 
 
 
 
 
 
 
 
 
 
 

  
 
  
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
  
 
 


 
 
 
 
 

 
 
 
 
 
 


  
 
 
 
 
 
  
 
 
 
 
 


 
 
  
 
 
 
  
 
 
 
 
 


 
 
 
 
  
 
  
 
  
 
  
 


 
 
 
 
 
 
 
  
 

  
  



 
 
 
  
  
  
  
 

 
  
 


 
  
 
  
 
  
 
 
 
 




 

 


 

 

 
 
 


 
 
  
  
 
 
 
  
 
 
  
 


 
 
  
 
  
 
  
 
 
  
 
 




 


 
 
  
 
  
  
  
 

  
 
  
 
 
 
 
 
  
 
  
  


 
 
 
 
 
 
  
 
 
 
 
 


 
 
 
 
 
 
  
 
  
 
  
 


 
 
 
 
 
 
 
  
 
 
  
 



 
 
  
 
 
 
 
 
 
 
  
 


 
 
 
 
 
 
 
  
 
 
  
 


 
 
 
  
 
 
 
 
 
 
  
 


 
 
 
 
 
 
 
 
  
 
 
 


 
  
 
 
 
 
  
 
 
 
  
 


 
  
 
 
 
 
 
 
 
 
 
 


 
 
  
 
  
 
 
  
 
  
 
  


 
 
  
 
 
 
 
  
 
 
 
 


 
 
 
 
  
 















 
 












 
 

 



 

 

 







 
 


 
 
 
 



 
 
 


 
  


 








 

 





 


 
 











175
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 176

BLT 2.2020 – INDICI ISTAT E TASSI

            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
4
324120/1.-4,24+*)(2./4('4*+*&02/4,24%-$%/$/#4
4

 !%! $( % "(%!  !(  
 #&%
 !$(   $( %&& '%!(%! $  !%!  !!(% 
 !$(  %&&('%!$ !   $ !!%'& $ !  !!(% 
 ! & !%' & !#  
  
 

 

 (! & !%' & !#  
  
 

 

4
     
"!-1.#4 4,*$$-4"#4 4/1-4-1/)-./4&-4-'%/1-4-00$2%-2$*40*1424%/'.1-..24%*4+/))2-%%2/'/4
-$$-4,2+%20$2'-4,*$$!*(/4%-'/'*4,2+0/'*4%*42$4%-'/'*44,*.*1&2'-./4%/&*42$$(+.1-./42'401*%*
,*'-44,**4*++*1*4-))2/1'-./4-00$2%-',/4-$$/4+.*++/42$4%/*2%2*'.*40-124-$4 4,*$$-4-12-2/'*4
-++/$(.-4 ,*$$!2',2%*4
4 2'.*1*'(.-4 .1-4 $!-''/4 -+*4 *4 $!-''/4 01*+/4 2'4 %/'+2,*1-2/'*4 *4 '/'4
+/&&-',/424+2')/$24-))2/1'-&*'.24-''(-$24-$4%-'/'*4,24-+*#4"!-))2/1'-&*'./4,*$4%-'/'*4,*
%/11*4,-$4&*+*4+(%%*++2/4-4(*$$/42'4%(24'*42*'*4-..-412%2*+.-4%/'4$*..*1-41-%%/&-',-.-#4
*14(*+.-4/0*1-2/'*4/%%/11*4,2+.2')(*1*4.1-4
4)$242&&/2$24$-4%(24%/+.1(2/'*4+2-4+.-.-4($.2&-.-440*1424(-$24-4-../412*12
&*'./4 -$$*4 0*1%*'.(-$24 ,24 -(&*'./4 12+0*../4 -$$-4 -+*4 ,24 )2()'/4 4 *++*',/4
(*+.!($.2&/4 $!($.2&/4 -$/1*4 %/&('2%-./4 ,-$$!
+.-.4 -$4 4 ,-.-4 ,24 *'.1-.-4 2'4 2)/1*4
,*$$-4"#4 4
4)$242&&/2$24$-4%(24%/+.1(2/'*4+2-4+.-.-4($.2&-.-440*1424(-$24-4-../42'*%*4
12*12&*'./4-24+*'+24,*$$!-1.#4 4,*$$-4"#4 4-$$-4-12-2/'*4-++/$(.-4,*$$!2',2%*4
+.-.4
2'.*1*'(.-4.1-42$4&*+*4,24,2%*&1*4,*$$!-''/401*%*,*'.*4(*$$/42'4%/1+/4*,42$4&*+*4,24,2%*&
1*4,*$$!-''/42'4%(244+.-./4($.2&-./4$!2&&/2$*40/2%4%/'*'2/'-$&*'.*4.(..24)$242&&/2$24
+/'/4%/'+2,*1-.24.*1&2'-.24-$44,2%*&1*42',20*',*'.*&*'.*4,-$4&*+*4,24($.2&-2/'*4
4 0*14 )$24 2&&/2$24 ($.2&-.24        
  4 $-4 -12-2/'*4 ,-4 (.2$2-1*4 4
(*$$-4 1*$-.2-4 -$4 0*12/,/4 ,2%*&1*4 ,2%*&1*4 ,*$$!-''/4 01*%*,*'.*4 -4 (*$$/4 2'4 %/1+/4
0/2%4$-4"#4 4'/'401**,*4-$%('-4,2+0/+22/'*41*.1/-..2-#4
*14 $-4 ,*.*1&2'-2/'*4 ,*$$!-))2/1'-&*'./4 ,*$$!*(/4 %-'/'*4 /%%/11*4 2'2'*4 %/'+2,*1-1*4 %*4 $-4 "#4
4'#44-4+.-2$2./4-$$!-1.#44%*40*14)$242&&/2$24-,4(+/4,24-2.-2/'*4
401*2+./4,-$$!-1.#4 4,*$$-4"#4 #4

176
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 177

BLT 2.2020 – INDICI ISTAT E TASSI

0/.-,+,1 */1 )('/**/1 &%1 $%#/$%"/+),!1 /$1 -*)/$%,$%1 ( $,#,+&%"/+)%1 -**/-,1 (+,+/1 +,+1 -**/1
",&(*%)1 /$1 *(1 &/)/$"%+(%,+/1 *(&/.-("/+),1 /1 *(..%,$+("/+),1 &/*1 $/*()%,1 (+,+/1 &%1 *,(
%,+/1%1$%+%(1(**(1$%,$(1,+*%+/1 1
0%1/&(1(+/1*(1$%,$(1,+*%+/1
1
1

/$/+)-(*%1&%1(-"/+),1%+&%/11$% /)),1(**(1'(/1.%-.+,1  1$%&,))/1(*1
1
/+(1/1,+1*(1, $/%,+/1&/**(..%,$+("/+),1 /$1%*1 1
1
   
  
   
 












 
    
  

 
          
 

    
   

 
          
 
          
 
    
  

 
        
 
 
          
 
          
 
           

 
       

 

 
           
 

    
     
 
          
 
           
 
 
 
 
 
     
 
       
  
 
     
    
 
 
 
      
 
       
  
 
        


   
  
  
     
  
          
   
 
 
    
           

   
 
   
  
 
            
 
             
   
 
      
              
             


  
       
  
  

    
     
  
 
 
       
  
          
  
 
 
   


 


177
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 178

BLT 2.2020 – INDICI ISTAT E TASSI

 


 
 
 
 

 


  
 
 
 

 


 
 
 
 

 
 
 
  
 
 

 
 
 
  
 
 

#

"! !##!#!## ##!##! !####
!## #!## !!#  !#
##  !#!#!##!#
! #!##!# ##


#
#
'&%$#"$! "$ "$ "!! "$"$$ $"$! "$"$"$"$"$$
"$" $"$  "" $"$" "$$$$""$" "$$"$! 
$! $$
 $!$$ $"$$
$$
$$ "$"$$
$
$ " $ " $$$"$ " $
#

















 
             

 
 
            

 
 
 
           

 
 
 
 
          

 
 

 
 
         



 
 
 
 
 
        

 
 
 
 
 
 
 
       

 

 
 
 
 
 
 
      

  


 
 
 
 

 
     

 


 
 
 
 


 
    

  
 

 
 

 
 
 

 
   

 


 

 
 
 
 
 

 
  

 
 


 
 
 
 
 
 
 
 
 
 

 



 
 
 
 
 
 
 
 
 
 


  

 

 
 
 
 
 
 
 
 
 
 







 
 
 
 
 
 
 
 

 


 




 
 
 
 
 
 
 




 
 



 

 
 
 

 




 


 

 
 
 
 
 
 
 




 
 


 

 
 
 
 
 
 




 

 



 
 
 
 
 
 
 



 





 


 
 
 
 
 


 





 
 
 
 
 
 
 
 








 
 
 
 
 
 

 

 
 
 



 
 
 

 
 

 



 


 

 
 
 

 
 



 
 


 
 

 
 
 
 
 



 
 





 
 
 
 
 



 
 

 



 
 
 
 




 
 
 
 



 
 
 
 
 



 
 
 




 
 
 
 
 
 


 

 




 
 
 
 
 
 


  
 
 






 
 
 
 


 
 
 
 

 



 
 
 
 



 
 

 

 
 


 
 
 

 



 
 
 



 


 
 
 




178
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 179

BLT 2.2020 – INDICI ISTAT E TASSI



   


  
         


 
 


  
  
  

 
 
 
 




 
 

  


      
  
  

 


 
 

  


      
  
  

 

  
   

  
 

   

    
 

   
  


 
      
 
 
 

      


 
     
 

   


 
          
 

 
           


              

              
                
                
   
            
        
          
      


           
  
    
 
          
   
     
  
         
     
    
          
 

   

        

 
     

 
  
 
 
 
 
 
 
 
      

   
   
    
  
 
   
    

 
 

  
   
  
    
    
    

    
         
    

    
 
  

 
 
           
       
   


   
   
   
          
   

 

 
  

                     



          
  
  
              

 
 
 

        
         



 
       
        
          


 
 
  
 
   
           
   

      
  

 
 

  
  
 
    
     

    


   
     

 
   
 
 
  


 
    
  
     
 
   
  
     

      
  
            
    

      
  
            
    

   
            
   
   
    

 
 
         
           


   
 
  
     
 
 
     
 



   
             

     



  
      





























                

                

                  

 
 
              

                 


   
               


       
           


 


   
 
             

                       

        
    

 
         

     
 
 
               

179
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 180

BLT 2.2020 – INDICI ISTAT E TASSI

0/.-, # # # # # # # # # # # # # # # #
0/.+, # # # # # # # # # # # # # # # #
0/.*, # # # # # # # # # # # # # # # #
0/.), # # # # # # # # # # # # # # # #
0/.(, # # # # # # # # # # # # # # # #
0/.', # # # # # # # # # # # # # # # #
6
&%$#$""!, ##$ $,,,#,$#%"$!, #,%%%%!, $,$,!%!, ,
54632134602//.-,+*6)()'602/6&%04$26$4#4/2"6$%!!-6 "64/6+,-++-!21+%60464126,-%,+%6
         
      
  
      

                      
    *6
/63$$2334#%6$%!!-66,2#2026-/+,23"6$26 
       
      
 
  
*6
16,-+4$-"64/6$-/$%/%634622++-6,4$-#-10%64/6602//.41$,2!21+%602//.4104$263+-+6602/6!2326
046,42,4!21+%6,432++%6-/6!232604604$2!,2602//.-11%6,2$2021+2"6263%!!-10%6-623+%6#-/%,2616
$%24$421+26-,46-6'"()62,6$4-3$16!2326 ("'6 6() *6

2/6$-3%6416$461%16#4634-641$,2!21+%612//.4104$263+-+"6%6-004,4++,-6#4634-61602$,2!21+%"6/-6,2/-
+4#-6$%!%121+26#2,,6$%13402,-+-6-,46-62,%"626346-,641046,42,4!21+%63%/%6-//-6-,+26433-*6
6
56!-4%,26$4-,2-6346%,143$2616232!4%6046$-/$%/%*6
6
# +)*)#-#  %)% )# #(,$ *$#($ %%)#+*$$($%$# 
# '*)#
# $"$#(,#$"" &,)%$#($ #* ++)*)#(,# !)*)#  ,)#
# %(,$##$"$#(,#$"" &,)%$# ,)## #
# %(,$##$"$#(,$ *$#($ %%)#+*$$($%$#(,$ *$## #
# %*$$%)#+$*$%' $#
   # #
# #,%*$$%)#+$*$%' $#
  # #
# )$,,$%$#,"")#
  # #
# !$$%, $,$#%"$!,,

# . 00
0/+ #
# !%!,,$#%%!,

# ./..' (0,!#
6
2,646,-%,+46416$%,3%6-//-6412602//.-11%"64/66-$$-1+%1-+%6-/604$2!,2602//.-11%6,2$2021+26
-10,6,4#-/+-+%"63//-6-3260246$,4+2,4634104$-+4"6-/6!232604604$2!,2602//.-11%63$$2334#%"626$%
36#4-62,6+++46/46-11460,-1+2646-/464/6,-%,+%6046/-#%,%66,2%/-,!21+26416$%,3%*6
226/-6+-2//-6$%!/2+-*6
6

2,$21+-/462,6/-6,4#-/+-4%12602/66416-326-//.4104$266
6
, , ,, ,, ,  , )+ , , , , ,
(,$ *$# #  # (,# # # # # # #
(,$ *$# # (,# (,# # # # # # #
(,$ *$# # (,# (,# # # # # # #
(,$ *$# # (,# (,# # # # # # #
(,$ *$# # (,# (,# # # # # # #

180
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 181

BLT 2.2020 – INDICI ISTAT E TASSI

!   !   !   


  

   
  

!  !   !         
     
   
!  !  !          
   
 
!  !  !   

   

   

   
!  !  !    
   
    
    
 
!  !  !      
            
! 
 !  ! 
  
  

    

  

!  ! 
 !  
   
      
!  !  !     
  
         
!   !  !             
   
 
!   !   !         
     
    

!  !   !     
               
!  !  !            
    
 
!  !  !  
  
  

  


  


!  !  !           
   

!  !  !       

  


  


! 
 !  ! 
     
    
  

!  ! 
 !  
  
  

    

   

!  !  !  
  
            
!   !  !          
     
    

!   !   !   
       
  

  

!  !   !  
     
  

  


!  !  !  
    
          
!  !  !  
     

    

  

!  !  !   

 
   
   
 
!  !  !     
      

   


! 
 !  ! 
    

  
    
  
!  ! 
 !             
!  !  !             
!   !  !   
 


  

    

   

!   !   !                
!      
   
    
   
!   
   
   
    
   
  
     
    
    
 !       
         
!                    
!         
           
!       
   
      
   

        


   


  



           
    
  
           
    
  
       
    
    
!                
!        
  
        
!   
 
         
   
 
  
    

  

 
  
   
 !          
         

!                      

181
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 182

BLT 2.2020 – INDICI ISTAT E TASSI

      


       

   

  
      
       

   

  
     
         
     
         
 

     
  
      
  


     
      
        
      
            
"! 
  

          
 
/
"!     !  !      
.-,+*,)(/'&%$%/*(,/#"(!!,/$ /)+&/#("/$, ,(/*,/#("$,/(/,#,($%,/$/%, ,!!$%/#("/ $/",$ 
%$!,+(/+(%$",$/*$/+/#(",*/$ -$ %"/*( (/&(/,+/*(+$"/)(/$*/(&(#,/ ,/$&&(+,/
*%,/$ /)+,(/&(#$"$%//$ &,$&,/$ %"$/&$/
((/ $/%$( $/*$/%, ,!!$"(/#("/)+"+%$"(/ (/$",$!,+,/%(#"$ ,/*( /$ "(/*( $/+(%$/,+/
'%$ ,$/$/#$"%,"(/*$ //,+/$ //( $"$%$/*$ -'&%$%/
("/%"$*""(/&(/*,/*(+$"/*,/+/)("%/$++/,+/$ %$/*( //))""(/ %,# ,)$"(/ $/&$/
#("/, /)(,),(+%(/*,/",$ %$!,+(/",#"%$%/,+/%$( $/,+/)"",&#+*(+!$/*( -$++/,+,!,$ (/
$ "$/ $/&$/*$/%"$*""(/&,$/(&#"(&&$/,+/.,"(/*#/$(" $/ %,# ,)$%$/#("/, /)(,),(+%(/*,/
",$ %$!,+(/&,/((%%$/ $/)+("&,+(/,+/ "/*,,*(+*/#("/
 /
,/#"(),&$/)(/,/)(,),(+%,/*,/%"$&"$!,+(/*(,/$ ",/+(%$",/",#"%$%,/",)$$%,/$/#$"%,"(/*$
 ,/,+*,),/'/(*,/$++,/&+/)$ ) $%,/(/*,&,/#("/& (/,+$ ,%/*,/$+$ ,&,/&%",)$/(/#("%$+%/
++/)&%,%,&)+/$ ",/,),$ ,/*$/%, ,!!$"(/#("/ (/",$ %$!,+,/+(%$",(/$/,+,/ ($ ,/$,"
+$(+%/ )$++,/ *-$,%%/ $&&(+,/ $, ,$",/ %"$%%$(+%/ *,/ ,+(/ "$##"%/ ())/ #("/ ,/ $ ,/ &$"/
+()(&&$",/*(%(",+$"(/, /)(,),(+%(/*,/",$ %$!,+(/$/#$"%,"(/*$ ,/,+*,),/'/(+&, ,//
/

(,),(+%,/#("/ $/",$ %$!,+(/+(%$",$/*,/&(/$ / /
/


  
  
 
  
  
 



 

 
   
 
 


  


 
 
 
 
 
   
    

 
 
  
    
 

 




 
 
  

   
 

  

  
   
  
   
 
 


 

  
  

   
  
 

  
   
  
 
  
  


 
  
  
  

  


 
 
 

   

  

 
 



   

   


 
 

 
 

  


  






 

  

   
  


  
 
  
   
 
 
  

  
    
   
 
 
  


  

  

 
  
 


 
 
 



   
  


 




  
 
  
 
 
 



  
 

    
  

  


182
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 183

BLT 2.2020 – INDICI ISTAT E TASSI

-,+-*
 -,+)* 
 -,+(* 
 -,+'* 
 -,++* 

-,+&* 
 -,+%* 
 -,+$* 
  -,+,* 
  -,&#* 

-,&-* 
 -,&)* 
 -,&(* 
  -,&'* 
 -,&+* 
 
-,&&* 
  -,&%* 
  -,&$* 
 -,&,* 
 -,%#* 
 
-,%-* 
 -,%)* 
 -,%(* 
  -,%'* 
 -,%+* 
 
-,%&*
  -,%%* 
 -,%$* 
 -,%,* 
 -,$#* 

-,$-* 
 -,$)*
 -,$(*
 -,$'* 
  -,$+* 

-,$&* 
 -,$%* 
  -,$$* 
 -,$,* 
  -,,#* 

-,,-* 
 -,,)* 
 -,,(* 
  -,,'* 
  -,,+* 
 
-,,&* 
  -,,%* 
 -,,$* 
 -,,,* 
 )###* 

)##-* 
 )##)* 
 )##(* 
  )##'* 
 )##+* 

)##&* 
 )##%* 
 )##$* 
 )##,* 
 )#-#* 
 
)#--* 
 )#-)* 
  )#-(* 
 )#-'* 
 )#-+* 

)#-&* 
 )#-%* 
 )#-$* 
 )#-,* 
 * 

2
2
"! ""*"* "*"* "*"!* "*!"* """*
** *
*


*"* 
*
*
*
 *
* 
*


*
10/2/.-/,/2+*)()2-'/2,&*)/2-/2,&*)%$#/&.'2-/2"(.$!())/2'-/0/#/2"/*$%(.&2,&.2,(-'.#(2"'.*/0'20(2 (
%/(#/&.'2.'02)'"&2-'/2,&*)/2-'00'-/0/#/(2%'*/-'.#/(0'2'2-'02'./&2,/ /0'2%/!'%/)/2(-2$.(2*',/!/,(2
)/&0&/(2-/2!(%/,()&2%'*/-'.#/(0'2'2-/2)%&.,&2*)%(-(0'2'2/.2(%)/,&0(%'2-'/2,&*)/2-/%'))/2())%/$/
/0/2(00(2%'(0/##(#/&.'2-'00&'%(2
))$(0"'.)'20+*)()2$0/,(2/2*'$'.)/2/.-/,/2
2+.-/,'2-'02,&*)&2-/2,&*)%$#/&.'2-/2$.2!(%/,()&2%'*/-'.#/(0'2
2+.-/,'2-'02,&*)&2-/2,&*)%$#/&.'2-/2$.2)%&.,&2*)%(-(0'2,&.20'2*'$'.)/2 (%/(.)/2
2*)%(-(2,&.2)%())&2/.2(00'%/(22
2*)%(-(2*'.#(2)%())&2/.2(00'%/(22
2*)%(-(2/.2)%/.,'(22
2*)%(-(2/.2%/0' ()&22
2*)%(-(2/.2 /(-&))&22
2&'%'2-/2/"&,,&22
2*)%(-(2/.2(00'%/(2)/&22,&.-/#/&./2.&%"(0/2)/&2 2,&.-/#/&./2$&.'2'2)/&2 2,&.-/
#/&./2-/!!/,/0/22
2!(%2-()(2-(02
2 2*)()(2((.-&.()(2/. ','20(2$0/,(#/&.'2-'00/.-/,'2-'02,&*)&2-/2,&*)%$
#/&.'2-/2$.2,((..&.'2/.-$*)%/(0'20(2,$/2*)/"(2 2*)()(2/.0&()(2.'00("/)&2-'/2%'##/2(00(2%&
-$#/&.'2-'02*'))&%'2/.-$*)%/(2"'.)%'20(2*)/"(2-'02,&*)&2-/2,&*)%$#/&.'2-/2$.2)%&.,&2*)%(-(0'2(2
(**$.)&2,(-'.#(2"'.*/0'2(02&*)&2-'00(2%','-'.)'2,(-'.#(2)%/"'*)%(0'2
2
*
*
 *
&/,2,&"'2-'))&20'2*)/"'2%/$(%-(.&2*&0&2,&*)/2/2-/%'))/2())%/$//0/2(00(2%'(0/##(#/&.'2-'00&'%(2
.&.2*&.&2/.,0$*/2
2/2,&*)/2-'02*$&0&2
2/2,&*)/2-/2%&'))(#/&.'2'2-/2-/%'#/&.'2-'/20( &%/2
2/02"(%/.'2-/2%&!/))&2-'00/"%'*(2'-/0/#/(2
+02 ,("&2 -/2 &**'% (#/&.'2 %/*'))/ ("'.)'2 '%2 /02 !(%/,()&2 %'*/-'.#/(0'2 '2 /2 )%&.,/2 *)%(-(0/2 %/
$(%-(20'2())/ /)2',&.&"/,'2-'00'2-/ /*/&./2)',&2 22

 2'2 2  
   2+.2(%)/,&0(%'2/02%$&2 2 

   
   
2
'20(2,0(**'2 2
 

2
'2 *',/!/,'2 '.'%(0/2 -'02 !(%/,()&2 %'*/-'.#/(0'2 )/&2 !(..&2 %/!'%/"'.)&2 (-2 $.(2 )/&0&/(2  

 
20'2-/"'.*/&./2-'02!(%/,()&2,&"'2(-2'*'"/&2/02.$"'%&2-'/2/(./20(2*$'%!/

183
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 184

BLT 2.2020 – INDICI ISTAT E TASSI

543623140613//36.-4,+60)4,0,4(3'6&%-%613$4-4,36&.//06)0&361346#4&./,0,4613//06#4/3(0"4%-3623-&4/36&.46
!3#23&&46!3#65%&,#.4#3 #3/0,4(460// 314/4"406#3&413-"40/363$$3,,.0,0610// &,0,6
.//06)0&36146,0/46&!354$4536(43-3623&&%606!.-,%64/6!#%3,,%6146$0))#450,%6#3&413-"40/36,4!%654%6
/ 4-&43236 13//36 50#0,,3#4&,4536 ,35-45%5%&,#.,,4(36 36 4/6 #3/0,4(%6 5%2!.,%6 23,#45%6 &.//06 )0&36 13/6
.0/36(43-365%&,#.4,%64/6&4&,3206146!%-13#0"4%-3613// 4-14536
3#6.-06204%#36055.#0,3""06146&,4206/464-14546&%-%614$$.&46!3#646.0,,#%6#.!!461465%&,%620
-%1%!3#0620,3#40/46,#0&!%#,4636-%/46
36(%5463/323-,0#461465%&,%6-%-65%2!#3-1%-%6465%&,46!3#6/06&45.#3""06536$0--%6!0#,36146.-650!4
,%/0,%61346/0(%#4606!0#,36
6
'&%$%##"! $%!% %%!$!" %&"! %!&%! $!"&"! %!"!
 .,4/4""%6146.3&,464-145460((43-36!#3(0/3-,323-,36-3// 02)4,%613/6
  
 
&,42065%-64/6.0/36/06&,420613/65%&,%61465%&,#."4%-36146.- %!3#061464-3-3#40654(4/36(43-363$$3,
,.0,06 23140-,36 / .,4/4""%6 146 .-6 !0#023,#%6 &4-4$450,4(%6 536 24&.#06 / 3-,4,+6 3-3#0/36 13// %!3#06
5.46(060!!/450,%64/65%##4&!%-13-,36(0/%#3635%-%245%6#4$3#4,%6016%!3#36&424/0#46536!.63&&3#3613
&.-,%6 1046 5%&,46 &,0-10#14""0,46 !.))/450,46 106 4&,4,."4%-46 !#3!%&,36 106 !.))/450"4%-46 &!3540/4""0,36
%!!.#36!46&!3&&%614#3,,023-,3610/623#50,%6
-6.3&,3650/5%/0"4%-46&4613(36!%##362%/,060,,3-"4%-360/6!3#4%1%6,32!%#0/36146#4$3#423-,%6134610,46
14&!%-4)4/46!3#6!%,3#604%#-0#36465%&,465%&6-%,460/62%23-,%613//06!#%3,,0"4%-364-65%#&%6%#
20/23-,3606,0/36&5%!%6&46$06#4$3#423-,%60/464-14546&,0,64-6.3&,4%-36
6
'$&%%!%"&%!
3/623&36146
6/464-1454613/65%&,%61465%&,#."4%-3614620-.$0,,46314/4"46&46&%-%60,,3
&,0,46&.46&3.3-,46(0/%#46-.%(06)0&36
6 6 '6
6-1453613/65%&,%61465%&,#."4%-36$0))#450,%6#3&413-"40/36
6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/365%-6,#0,,%64-60//3#406 6
3/623&36146
6/464-1454613/65%&,%61465%&,#."4%-3614620-.$0,,46314/4"46&46&%-%60,,3&,0,46
&.46&3.3-,46(0/%#46-.%(06)0&36
6 6 '6
6-1453613/65%&,%61465%&,#."4%-36$0))#450,%6#3&413-"40/36
6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/365%-6,#0,,%64-60//3#406 6
0,46$3#24606  66
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/36&3-"06,#0,,%64-60//3#406 6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/364-6,#4-5306
6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/364-6#4/3(0,%6
6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/364-6(401%,,%6 6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/36%!3#3614642)%55%6 6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/364-60//3#406,4!%6 65%-14"4%-46-%#20/4'6 6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/364-60//3#406,4!%6 65%-14"4%-46).%-3'6 6
6-1453613/65%&,%61465%&,#."4%-36,#%-5%6&,#010/364-60//3#406,4!%665%-14"4%-4614$$454/4'6 6
62313&42464-145460--%6#34&,#0,%6/36&3.3-,46(0#40"4%-46
6
 !
!'!  !
!'!!

!  !! 
 
  
      
 
  
   
      
6
$$!"$&!
3.%-%6/36,0)3//365%2!/3,3613/464-145465%-64610,46&,%#4546
3#64/650/5%/%65%-6465%3$$4543-,46146#055%#1%6&46$055406#4$3#423-,%60465%3$$4543-,46146#055%#1%6#4!%#
,0,46 4-6 #4$3#423-,%6 06 540&5.-6 4-14536 316 0//36 2%10/4,+6 4+6 &!354$450,36 06 !#%!%&4,%6 13// 4-14536 1346
!#3""460/65%-&.2%6!3#6$024/436146%!3#0463642!430,46'6

184
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 185

BLT 2.2020 – INDICI ISTAT E TASSI

 
    
    
       

  


         

                


  

 
 

   
 
     
   


                 
   


















 








       

               
  
   

     
           

 
 
 
 
 
 
 
 
 
 
 

 
  

  
   
    
     
    
 
  


       

      

              
     


     
       
    




   

   
 
 

 
     
 
   


                 

          
  
 

    

                      
 

          
 
 
      

   
     
        

      
 

  

 
 
 
  
  

  

 
 
  
 
 
 
 
  
 
         

        

     
      

  
  
              
 

         
       
   
 
   




 
 






     

              


  
              


 

 
 
 
  
  
   
       
 
 

           
       
   

















 
 
  



 




 





 


 






 




  









 




 






 








  








 



 
 
 
        
       

185
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 186

BLT 2.2020 – INDICI ISTAT E TASSI

  


 
 








 
 



        
     

 
  
            


   

   
            

     
               


       
   
 
      


  

             


                



           
 
 
    


    
 
 
 
 
 
 
 
 
 
 



 

 






 
 









 







 


 
 

 
 










 






 








 




 
 

 











 

 








 





 
 












  
('&%$#"%!# ""%! %"%"%%#%%%%%%%! "%" " %
#% % % %%
%


 
    

  
  
     
   

 
               
     
   
    
   
   

 


 
 
 
   
       
 
 
    
    

 
  
 
 




     
     
  
      
    
   
       

    
         
  
          
 

           


('&% ##%##%%%""%%"  "%"% "%!" "%##  %% "%"#%"
" %"%% %#"%"""%"%"%!%%%!##"%"%##%% 
% #
#%# %##%% "%"% "%# "%##% %"%% %"%
%"  %"""% %"%"%% "!% !%!%#%# "#""
%


186
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 187

BLT 2.2020 – INDICI ISTAT E TASSI


210/.-32,+*+30-)3.(,+(30/3.(,+'&%/(1-30/3&13+'(1.(3,+'*0*)-3.(13+'*++(3/13$*))-'/*3
3
0//.- ,+/- *+)- (0'- 0&'- (0,- ,%$- #$,- 0,.- "+!- .!!- /. - %- (+%0-

 

-
 


 
 


 


 
-
                       
- 
     
           
   
 
-   
       
 
          

-                         
-       
                
 
-               
     
  

-                       

 
-           
           


-               
        

-                        

-                   
    

-   
     
 
            


 

-       
             
 


 
-                   
    
'&%$#"$! !"$$ !$$$!!$"$$"!" $" "!$$  "
$$
 
!"$$$$"$#$$  !!$$" $"$$"$ !"$$" !
$$$$!!$$$$$$!$" "$$$!"!$!"$!
"$$" $$ $ "!$ "!$$$$ $$ !$!"!$" $$
!"$ $ $
3
#(-""/./-1+-30/3'*..('0(30*3!*,-3 3*3!*,-3 33
3
/3(-++(1(3)-3+*!-))-30*33*3 3.(1.-'1-1+/3$)/3/10/./3)*3.&/3'/)-*%/(1-33,+*+*3/1+-''(++*31-)3
3.(13/3'-)*+//3.(-""/./-1+/30/3'*..('0(3-++-3+*!-))-3,(1(30/,(1/!/)/31-))*3-',/(1-3(1)/1-3
0-))*3'-,-1+-3.-0*3+-*+/.*3
3
3
!0""%-%-%/!+'+""+-&+'-#0-'% 0#$!0%./+-+%-'+%!%-
% - 
--  - -
-   
- -- -
)/3/1+-'-,,/3  3.(,
3./**+/3-'.3,+*!/)/+/3-'3)-$$-3,(1(3)-3,(-3*$$/&1+/-30(&+-3
0*)30-!/+('-3/13.*,(30/3'/+*'0*+(3*0-/-1+(3*03(!!)/$*%/(1/30/31*+&'*3-.&1/*'/*31-))*!/+(3
0/3'*('+/3.(1+'*++&*)/30/3&*),/*,/3+/(3
)/3 /1+-'-,,/3 )-$*)/3 *11(3 .*'*++-'-3 ! !3 "&1$(1(3 0*3 .(''/,-++/(3 -'3 )*3 "'&/%/(1-3 0-)3
0-1*'(3*)+'&/3,/3*)/.*1(3*1.-3,-31(13-,'-,,*-1+-3*++&/+(3-30-.(''(1(30&1&-3-'3/)3,()(3
"*++(3 0/3 0/,(''-3 0-)3 0-1*'(3 *)+'&/3 /13 '*$/(1-3 0-))/1*0-/-1+(3 *)3 *$*-1+(3 '-/,+(3 ,-1%*3
.-3/)3.'-0/+('-30-!!*30/(,+'*'-30/3*-'3,(""-'+(3*).&130*11(3*'+3 30-)3#(0/.-3.//)-3.(
*33'/(3-'/(0(3
)/3 /1+-'-,,/3 )-$*)/3 0-.(''(1(3 0*)3 $/('1(3 /13 .&/3 3 ,+*+(3 .(1.('0*+(3 /)3 *$*-1+(3 (&'-3 ,-3 1(13
.(1-1&+(30-))*3 $"$! 3./(30*))*30*+*30-))*3/1+/*%/(1-30-)3*$*-1+(3(30-))*3'/./-,+*3
0/3 *0-/-1+(3 +//.*-1+-3 -""-++&*+*3 +'*/+-3 &1*3 '/./-,+*3 ,.'/++*3 *)3 0-!/+('-3 1-))*3 &*)-3 /-1-3
/10/.*+(3 /)3 +-'/1-3 *,,/(3 -1+'(3 /)3 &*)-3 *0-/-'-3 +-'/1-3 .-3 '*'-,-1+-'3 &/10/3 /)3 $ $
!30/30-.(''-1%*30-$)/3/1+-'-,,/3*'+3 30-)3#(0/.-3.//)-3.(*33,-.(10(3-'/(0(3

187
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 188

BLT 2.2020 – INDICI ISTAT E TASSI

BA@?>?=<;:C98ACA76?=?<<AC5 4C2C;7@10?<<AC/?=A>;76AC/;8C.;7@;6-C-C=A6;=/;6-C;/?.,A.?76-C;/C
-++8A9;*A-7AC/AC7;6)=;C,?@)7A;=A;C2C1;77-C@;=;66?=?C
  :C/?>-7-C@A-(C7?@?<<;=A;.?76?C
?<<?=?C,;66)A6ACA7C.-/-C?<,=?<<-C<A;C7?88;C/?+?7*;C@1?C7?88;C.A<)=;:C?C 
  :C1;77-C@A-(C8;C
&)7*A-7?C/AC=A<6-=;=?CA8C@=?/A6-=?C/?8C.;99A-=C/;77-C<)+A6-CA7C@-7<?9)?7*;C/?880A7;/?.,A.?76-C
%;=6$C#"! C/?8C-/A@?C@A>A8?:C@-..;C$C
7C,=;6A@;C(C@-.?C<?C8?C,;=6AC<6;+A8A<<?=-C?C);76A&A@;<<?=-C/;8C,=A7@A,A-:C/AC@-.)7?C;@@-=/-:C8;C
.A<)=;C/?880?>?76);8?C/;77-C<)+A6-CA7C@;<-C/ACA7;/?.,A.?76-:C?<-7?=;7/-C@-<C8;C,;=6?C@1?C7?C(C
>A66A.;C/;880-7?=?C/AC/A.-<6=;=?C?C);76A&A@;=?CA8C/;77-C<)+A6-$C
?C8?C,;=6AC7-7C7?C1;77-C/?6?=.A7;6-C8;C.A<)=;:C<AC;,,8A@;CA8C6;<<-C/?98ACA76?=?<<AC8?9;8AC%;=6$C#"! C
/?8C-/A@?C@A>A8?:C@-..;C"$C7C-97AC@;<-:CA8C7-7C;>?=C,=?>A<6-CA7C@-76=;66-C)7CA76?=?<<?C/AC.-=;C
7-7C?<@8)/?C8;C,-<<A+A8A6C/?8C/;77?99A;6-C/AC/A.-<6=;=?C/AC;>?=C<)+A6-C)7C.;99A-=?C/;77-C?C/AC
-66?7?=7?CA7C6;8C.-/-CA8C=A<;=@A.?76-:C@1?CA7C)?<6-C@;<-C<;=C,?=C);76A&A@;6-C/;8C9A)/A@?C@-7C
,=-,=A;C>;8)6;*A-7?C/A<@=?*A-7;8?C#$C
7@1?C98ACA76?=?<<AC/AC.-=;C/?@-==-7-C/;8C9A-=7-C/?88;C5   4:C@-.?C/?66-CA7C,=?@?2
/?7*;C ,?=C 98AC A76?=?<<AC 8?9;8A:C &;66;C <;8>;C 8;C /A<@A,8A7;C <,?@A;8?C ;,,8A@;+A8?C 7?88?C 5   


 4C;AC<?7<AC/?8C$C?9$>-C"#" ":C/AC@)AC<AC/A=C,A C;>;76A$C
?=C-97AC-,,-=6)7-C;,,=-&-7/A.?76-C<AC=A7>A;C;88;C=A<-=<;C-78A7?C
 $C
C

    
       

       
AC <?7<AC /?880;=6$C #"! C /?8C -/A@?C @A>A8?:C @-..;C #:C 8;C .A<)=;C /?8C <;99A-C /?98AC A76?=?<<AC 8?9;8A:C
A7A*A;8.?76?C&A<<;6;C;8C":CA7C=;9A-7?C/0;77-:C,)C?<<?=?C.-/A&A@;6;C/;8CA7A<6=-C/?8C6?<-=-C%-=;C
A7A<6=-C/?880?@-7-.A;C?C&A7;7*?:C@-7C,=-,=A-C/?@=?6-C,)++8A@;6-C7?88;C;**?66;C&&A@A;8?C/?88;C

?,)++8A@;CA6;8A;7;C7-7C-86=?CA8C#C/A@?.+=?C/?880;77-C,=?@?/?76?C;C)?88-C@)ACA8C<;99A-C<AC=A&?=A2
<@?:C<)88;C+;<?C/?8C=?7/A.?76-C.?/A-C;77)-C8-=/-C/?AC6A6-8AC/AC6;6-C/AC/)=;6;C7-7C<),?=A-=?C;C#"C
.?<AC?C6?7)6-C@-76-C/?8C6;<<-C/ACA7&8;*A-7?C=?9A<6=;6-C7?880;77-$C
0)86A.-C/?@=?6-C/AC>;=A;*A-7?C(CA8C$CA7$C@-7-.A;C?CA7$C#"#"" #C2C,)++8A@;6-C<)88;C$$C
# #"" #:C 7$C "C 2C @-7C A8C );8?C A8C A7A<6?=-C /?880?@-7-.A;C ?C&A7;7*?C 1;C ;99A-=7;6-C A8C <;99A-C
/?880A76?=?<<?C 8?9;8?C ;8C >;8-=?C /?88-C &%&$#$C 8C 7)->-C >;8-=?C ?76=;C A7C >A9-=?C ;C ,;=6A=?C "! 
&&&&:C<-<6A6)?7/-CA8C,=?@?/?76?C :!C;,,=->;6-C@-7C$CA7$C@-7-.A;C?CA7$C#"#"" #!C
?/CA7C>A9-=?C/;8C # #" #$C
C

     
8AC A76?=?<<AC 8?9;8AC /?@-==-7- "!      !    !!    "! 
 " !   
 "!! " !  ! "  !!   " ! ! "
!"    !   "  !! :C ?/C A7-86=?C @1?:C <6;76?C A8C /A<,-<6-C
/?880;=6$C #"! C /?8C -/A@?C @A>A8?:C @-..;C :C 98AC A76?=?<<AC <),?=A-=AC ;88;C .A<)=;C 8?9;8?C %@-<A//?66AC
5   4C/?>-7-C?<<?=?C/?6?=.A7;6AC,?=CA<@=A66-:C;86=A.?76AC<-7-C/->)6AC7?88;C.A<)=;C
8?9;8?$C
8C$$C#" " # :C7$C#":C,)++8A@;6-C<)88;C;**?66;C&&A@A;8?C7$C"#"C/?8C#" " # C?/CA7C>A9-2
=?C /;8C 9A-=7-C <)@@?<<A>-C 2C ,-AC @-7>?=6A6-C A7C 8?99?C /;88;C $C # ##" # :C 7$C # "C 2C 1;C ;99A)76-C AC
7)->AC@-..AC);=6-C?C)A76-C;880;=6$C#"! C/?8C-/A@?C@A>A8?:CA7C&-=*;C/?AC);8A:C<?C8?C,;=6AC7-7C7?C
1;77-C/?6?=.A7;6-C8;C.A<)=;C/?880A76?=?<<?C/AC.-=;:C/;C);7/-C1;CA7A*A-C)7C,=-@?/A.?76-C/AC@-2
97A*A-7?C !"  !  !!  "! !  ! ! 
!!!!"" !!  !! ! C%<)C@)AC<AC>?/;C,A C;>;76A$C;C
/A<,-<A*A-7?C<AC;,,8A@;C;7@1?C;880;66-C@-7C@)AC<AC,=-.)->?CA8C " !! $C
7C;86=AC6?=.A7A:C<?C8;C,=?6?<;C=A<;=@A6-=A;C>A?7?C,?=<?9)A6;C7?880;.+A6-C/AC)7C,=-@?/A.?76-C2C<A;C
?<<-CA7C<?/?C@A>A8?:C;..A7A<6=;6A>;C-C,?7;8?:C?/C;7@1?C)7C,=-@?/A.?76-C;=+A6=;8?C;AC<?7<AC/?8C-2
/A@?C/AC,=-@?/)=;C@A>A8?C2C;AC&A7AC/?8C@;8@-8-C/?880A76?=?<<?C/AC.-=;:C8;C.A<)=;C/?8C<;99A-C/ACA76?2
=?<<?C8?9;8?C<ACA76?7/?C<-<6A6)A6;C/;C)?88;C,=?>A<6;C/;8C$C?9$>-C"#" "C%@-.?C.-/A&A@;6-C/;8C
$C ?9$>-C #"" #":C ?C /?6?=.A7;6-C <?.?<6=;8.?76?C @-7C @-.)7A@;6-C /?8C A7A<6?=-C
/?880?@-7-.A;C?C/?88?C&A7;7*?$C

188
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 189

BLT 2.2020 – INDICI ISTAT E TASSI

6547321073//34.-137,//43+31*0)51.37(07401'0,7,&&,740(34(,731&0157%$#"! 7
7
07(52-0.37(0740/34.,7&,7.,5&&,73)/&5.,731707.,((07*0701.545((57&52,&5757&5740(/5..0'57*5344515 7
7

,((37*52&0701.545((07&52,&07
7



  

   %#  $#'  '' 


 
 
 %# 
   
   %#  
 

 $
   ' $%$
   ' $%$
    ' $%$
   '  $ $''  ! 
   '  $ $''  !
   '  $ $''  !
   '  $ $''  !
    '  $ $''  !
   '  $ $''  ! 
   '  $ $''  !
 
 
 '  $ $''  !
   '  $ $''  !

    '  $ $''  ! 
   '  $ $''  !
   '  $ $''  !
7
 
    
    
 
73))07757"7,&&,4. 77*5&73*0570'0&5701.43*3..07*,&7  7!!71 77317*534
451,7 *,&7 1 7 !! 7 (.,0&0(3137  57 (57 &57 /,4.07 1317 157 ,1137 *5.54)01,.37 &,7 )0(-4,7
*5&&01.545((57*07)34,7*,7
-,1*37 ,7010037-17/435*0)51.3720-*00,&57,1 57017,(37*07*5'3&-
03157*5&&,731.43'54(0,7,*7-173&&52037,40.4,&5 70&7(,22037*52&0701.545((07&52,&07 7/,407,7
-5&&37
/45'0(.37*,&&,7&520(&,03157(/50,&5745&,.0',7,0740.,4*07*07/,2,)51.3715&&57.4,1(,031073))540,&07
*07-07,&7 752 '37!!7(07'5*,7/07,',1.0 7
17,&.407.54)0107(57&,7/45.5(,740(,40.340,7'05157/54(52-0.,715&&,)0.37*07-17/435*0)51.37 7(0,7
5((37017(5*570'0&57,))010(.4,.0',737/51,&575*7,1 57-17/435*0)51.37,40.4,&57,07(51(07*5&73
*057*07/435*-4,70'0&57 7&,7)0(-4,7*5&7(,22037*0701.545((57&52,&57(0701.51*57(3(.0.-0.,7*,7
-5&&,7
/45'0(.,7 *,&7  7 52 '37 !!7 57 *5.54)01,.37 (5)5(.4,&)51.57 317 3)-10,.37 *5&7 010(.5437
*5&&5313)0,757*5&&57+01,15 7
6547321073//34.-137,//43+31*0)51.37(07401'0,7,&&,740(34(,731&0157%$#"! 7
7
 
  
     
573)57*5..3715&&,)0.37*5074,//34.07.4,7/40',.07&,7)0(-4,7*5&&01.545((57*07)34,7 731'5103
1,&57573)57.,&57*5'575((5457(.,0&0.,7/5470(40..37(,&'37,//&0,03157*52&0701.545((07&52,&07017,
(3731.4,403 7-1,7*0(0/&01,7(/50+0,7 7*5..,.,7*,&7 752 '37!!!!71 77/547&57.4,1(,
031073))540,&073)57.,&0701.51*51*3(07
-5074,//34.07 57 ,1137&-3237.4,7(305.7537/-&0
 57,))010(.4,0310715&&,)0.37*5&&,7/43/40,7,..0'0.77*07,4,..54573))540,&5757
13170(.0.-031,&5 7537/43+5((0310(.0715&&,)0.37*5&&,7/43/40,7,..0'0.7/43+5((031,&5 7
6547
-5(.,7.0/3&320,7*074,//34.07&,4. 77*5&7 752 '37!!7*5+010(57-17(,22037*0701.545((07

189
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 190

BLT 2.2020 – INDICI ISTAT E TASSI

1 

 02.-,+2*,-*)2(',2*&2%$#%%#2"&2!-2&-%,$,**,2"&2 )$#2*%#&+&%)2,$2+,,2&-2 &*!$#2#
$&2#+2%#**)2",++#2#-(#2(,-%$#+,2,!$),#2.("21 
022&-($, ,-%#%)2",++22
() ,2&-"&&"!#%)2*, ,*%$#+ ,-%,2"#+2 &-&*%,$)2",++,()-) &#2,2 &-#- ,2()-2$)$&)2() !-&(#%)2
"#2 !+&(#$*&2 &-2
# ,%%#2 ! &(&#+,2 ,$2 )-&2 #$) )-"& ,-%)2 *&2 $&-&#2 #++#2 $&*)$*#2 )-+&-,2
2
&2$&)$%#2"&2*,!&%)2+#2%#,++#2() +,%#2",&2%#**&2&-2!,*%&)-,2
2

#**)2",+&2&-%,$,**&2,$2&2$&%#$"&2"&2## ,-%)2-,++,2%$#-*# &)-&2() ,$(&#+&2
2
   
       
      
 
 
    
 
       
  
 
     
 
       
 
 
   
 
     
  
 
     
 
     
  
 
   
 
       
 
 
   
 
       
  
 
    
 
     
 
 
    
 
     
  
 
    
 
     
 
 
    
 
      
 

   
  
      
 

    
 
      
 

   
 
     
 
 
    
 
     
 
 
   
 
       
 
 
     

       
 
 
    
 
       
 
 
   
 
       
 
 
   
  
       
 
 
    
 
       
 
 
   
  
        
  
 
     
 
        
 
 
   
 
        
 
 
     
 
        
 
 
    
 
        
  
 
     
 
        
  
 
    
 
        
  
 
      
 
        
 
 
    
 
        
 
 
     
 
        
 
 
    
  
        
 
 
     
 
        
 
 
    
 
        
 
 
     
 
        
 
 
   
  
        
 
 
     
 

190
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 191

BLT 2.2020 – INDICI ISTAT E TASSI

    





=<;:9> 8<<8> 7654:8> 39<> ;8552> 36> 61;9:9559> 0279> 52/:8> 613608;2.> 6<> -,> +9*,)2> ('&%($$(> 5;8#6<6509>
"481;2>59*49!>
>3902::918>39*<6>61;9:9556.>5918>1909556;>36>025;6;46219>61>72:8.>38<>*62:12>54009556)2>8<>
;9:7619>/9:>6<>/8*8791;2.>09>61>7810818>36>5/906602>8002:32>56>855479>02610639:9>021!>
>'$>*62:12>38<<8>38;8>36>:609)6791;2>39<<8>8;;4:8>
>'$>*62:12>38<<8>38;8>36>:609)6791;2>39<<9>79:06>2>36>/:95;86219>396>59:)66>59><8>8;;4:8>
>61>38;8>81;909391;9>2>121>09:;8>
> '$> *62:12> 38<<8> 38;8> 39<<8009;;86219> 2> 39<<8> )9:6608> 36> 0212:76;> 9)91;48<791;9>
/:9)65;9>38<<8><9**9>
>"48132>>/:9)65;8>418>/:20934:8>36:9;;8>83>8009:;8:9><8>0212:76;>396>59:)66>8<>021;:8;;2.>
"495;8>121>/4>34:8:9>/6>36>'$>*62:16>38<<8>38;8>39<<8>/:95;86219>39<>59:)662>
>;9:7616>54/9:62:6>/255212>9559:9>/8;;46;6>38<<9>/8:;6.>/4:0>121>


>/9:>6<>
0:936;2:9>93>8//:2)8;6>/9:>50:6;;2>59>54/9:62:6>8> $>*62:16,> 9>6<>02776;;91;9>>/4##<602>121>
5212>61>195541>0852>8779556>;9:7616>54/9:62:6>8> $>*62:16,>
9:>2*16>2//2:;412>8//:22136791;2>56>:61)68>8<<8>:652:58>21<619>
$,>
>
  
+8> 36506/<618> 5/9068<9> /9:> 6> :6;8:36> 36> /8*8791;2> 19<<9> ;:81586216> 02779:068<6> 39;;8;8> 38<> -,>
+9*,)2>('&%($$(>>8//<608#6<9>8109>86>021;:8;;6>/4##<606>36><8)2:6.>59:)66>9>2:16;4:9>8>/8:;6:9>
38<>$&%$&%($&'.>8>59*46;2>39<<9>7236609>61;:232;;9>38<>-,>+9*,)2>$%&&%($&(.>1,>&(>9>0279>
2:8>/:9)65;2>8109>38<<8:;,>&&' >39<>-,>+9*,)2>$%($& >23609>396>021;:8;;6>/4##<606,>
+8>36506/<618>61>"495;6219>8>/9:;81;2>525;6;46;2.>021><8>3902::918>613608;8.>"49<<8>61>/:9093918>
39;;8;8> 38<<8> <9*65<86219> 5/9068<9> 546> 021;:8;;6> /4##<606> /:678> <8:;,> '> 39<> -, , ,> &$ '%& (.>
/26><8:;,>( >39<<8>+,>&$%&.>8;;48;2>38<<8:;,>'$>39<>-,,>&%($$$.>9>38>4<;672><8:;,>&''>39<>
-,>+9*,)2>& '%($$ > >2:8>8#:2*8;2>9>525;6;46;2>38<>-,>+9*,)2>$%($& > >8;;48;2>38<<8:;,>&>39<>
-, , ,>($%($&$.>36506/<618>/9:8<;:2>8//<608#6<9>52<8791;9>86>021;:8;;6>36><8)2:6,>
9:>2*16>2//2:;412>8//:22136791;2>56>:61)68>8<<8>:652:58>21<619>
',>
6>:6/2:;8>/9:>027/<9;98>"46>36>59*46;2><8>;8#9<<8>021>6>;8556>36>72:8>/9:>*<6>8//8<;8;2:6>36><8)2:6>
/4##<606>)8<636>612>8<>'&%&(%($&(,>
>

8556>36>72:8>/9:>*<6>8//8<;8;2:6>36><8)2:6>/4##<606>)8<636>612>8<>'&%&(%($&(>
>



  

   

  
  

   

  
   

   

  
   

   

  
  

   

  
  

   

  
   

   

  

  


   


  
  


   

  
    
 

   

   
  

   

  
  


   

  
  

   

  
   

   

  
   
 

   

   
  


191
BLT022020_testi.qxp_Layout 1 14/02/20 15:38 Pagina 192

BLT 2.2020 – INDICI ISTAT E TASSI

,+*))(1 ),')&',&%%1 $,')#',&%#1 "!1 :3!1207871,')+',&%#1


,*))(1 ),')&',&%#1 $,')#',&%&1 "!1 :3!1207871)')$',&%&1
,#*))(1 ),')&',&%&1 $,')#',&#)1 "!1 :3!1207871,)')',&#)1
,*))(1 ),')&',&#)1 $,')#',&#,1 "!1 :3!1207871,#')',&#,1
$*))(1 ),')&',&#,1 $,')#',&#1 "!1 :3!1207871,'),',&#1
,*))(1 ),')&',&#1 $,')#',&#$1 "!1 :3!1207871%'),',&#$1
)*))(1 ),')&',&#$1 $,')#',&#1 "!1 :3!1207871',',&#$1
,%*))(1 ),')&',&#1 $,')#',&#1 "!1 :3!1207871#',',&#1
,+*)(1 ),')&',&#1 $,')#',&#+1 "!1 :3!1207871,&',,',&#1
,*))(1 ),')&',&#+1 $,')#',&#%1 "!1 :3!1207871,&',,',&#+1
,$*))(1 ),')&',&#%1 $,')#',&##1 "!1 :3!1207871)',,',&#%1
,$*)(1 ),')&',&##1 $,')#',&#&1 "!1 :3!1207871)')',&#&1
,*)(1 ),')&',&#&1 $,')#',&&)1 "!1 :3!1207871)%')',&&)1
,$*)(1 ),')&',&&)1 $,')#',&&,1 "!1 :3!1207871)',,',&&)1
,$*))(1 ),')&',&&,1 $,')#',&&1 "!1 :3!1207871)#',)',&&,1
,+*$#(1 ),')&',&&1 $,')#',&&$1 "!1 :3!1207871,',)',&&1
,,*##(1 ),')&',&&$1 $,')#',&&1 "!1 :3!1207871',)',&&$1
,)*,$(1 ),')&',&&1 $,')#',&&1 "!1 :3!1207871%')&',&&1
,*)(1 ),')&',&&1 $,')#',&&+1 "!1 :3!1207871&')&',&&1
,,*%(1 ),')&',&&+1 $,')#',&&%1 "!1 :3!1207871)$',)',&&+1
&*)(1 ),')&',&&%1 $,')#',&&#1 "!1 :3!1207871)&',)',&&%1
%*##(1 ),')&',&&#1 $,',',&&#1 "!1 :3!1207871,',)',&&#1
+*$#(1 ),'),',&&&1 $,',',&&&1 "!1 :3!1!!1,')',&&&1
+*(1 ),'),')))1 $,',')))1 "!1 :3!1!!1&')$')))1
#*))(1 ),'),')),1 $,',')),1 "!1 :3!1!!1)$')')),1
%*(1 ),'),'))1 $,','))1 "!1 :3!138.0-85--5821218.0978-:1$,')%'))1
%*$#(1 ),'),'))$1 $,','))$1 "!1 :3!138.0-85--5821218.0978-:1,&')$'))$1
%*,$(1 ),'),'))1 $,','))1 "!1 :3!138.0-85--5821218.0978-:1,')$'))1
%*,$(1 ),'),'))1 $,','))1 "!1 :3!138.0-85--5821218.0978-:1,')'))1
*$(1 ),'),'))+1 $,','))+1 "!1 :3!138.0-85--5821218.0978-:1,')'))+1
*&(1 ),'),'))%1 $,','))%1 "!1 :3!138.0-85--5821218.0978-:1',)'))#1
+*#$(1 ),'),'))#1 $,','))#1 "!1 :3!138.0-85--5821218.0978-:1,&')'))&1
+*+(1 ),'),'))&1 $,','))&1 "!1 :3!138.0-85--5821218.0978-:1)')#'))&1
*#(1 ),'),'),)1 $,','),)1 "!1 :3!138.0-85--5821218.0978-:1,')+'),)1
*)#(1 ),'),'),,1 $,','),,1 "!1 :3!138.0-85--5821218.0978-:1%')'),,1
*%(1 ),'),'),1 $,','),1 "!1 :3!138.0-85--5821218.0978-:1#')#'),1


,1273671.1:58:09856234.*1:319.8-:7.821.00!1!!1:/!1,+')%'))#*13!1,&&&*1073717 53 521
8:7370: ::1:31/:.1982053-:/.1:3-28200:16:1 78.1:31 :058.19.8:1..16:28234.1-8.1:18236: 23-71 26:7162:1

1.1531.3371261:1-.00716:1:3-28200212.2!11
1:1-8.--.1621-.00715::.216:18:28: 23-7*1:71621-.00716:1:3-2820021.99:.-716..1
.3.123-8.
21258792.1.2198798:217928.4:73:16:18::3.34:. 23-7198:3:9.:!11
$12.1/280:7321621"!12!/71$,'))1:31/:7821:371.1$,','),*198: .16221 76::21.6120
071.9978-.-216.1"!12!/71,&'),*1.1 :058.162.1 .:78.4:732128.10-. ::-.1321%(!11
1 0-.-1 .1 7 53:.-71 21 .1 9.8-:821 6.:1 6.-:1 621 2021 6:1 233.:71 ),&1 0:1 73-:35.1 :1 8:.0:71
62:36:21 2328.21 621 70-71 6:1 70-854:7321 6:1 531 -87371 0-8.6.21 731 -8.--71 :31 .28:.1 23-821
:378 .4:732182.-:/.1.21.-821-:977:216:1-8.--710-8.6.21373119:16:50.!11

192
cover_BLT_02_2020.qxp_coverBLT 14/02/20 16:16 Pagina 2

Bollettino
di Legislazione Tecnica ABBONAMENTI E PREZZI 2020
Graziano Castello
SINGOLI SERVIZI
Servizio

BOLLETTINO DI LEGISLAZIONE TECNICA ONLINE


Costo ann. Imponibile/IVA Codice MEPA

Manuale operativo
ONLINE

CON BANCA DATI € 153,85

del Valutatore immobiliare


Accesso completo al sito legislazionetecnica.it (Banca dati normativa, € 160,00 BLTWEB-SAB
+ IVA 4%
Contenuti redazionali/autorali, Versione online del Bollettino su carta e
dei supplementi con archivio storico)
BOLLETTINO DI LEGISLAZIONE TECNICA SU CARTA IVA assolta
€ 130,00
METODO E PRATICA DEGLI IVS PER VALUTATORE BASE E AVANZATO
BLT
Periodico mensile su carta (11 numeri) dall’editore
GIURISPRUDENZA IVA assolta
€ 49,00 -
Supplemento semestrale su carta (2 numeri) dall’editore

BOLLETTINO UNIONE EUROPEA IVA assolta


SU CARTA(*)

€ 32,00 - • Elementi di base e standard per la valutazione


Supplemento quadrimestrale su carta (3 numeri) dall’editore

EDIZIONI IVA assolta


€ 105,00 - • Valutazioni orientate al costo
Supplemento trimestrale su carta (4 numeri) dall’editore
(Approccio al costo; Aree fabbricabili;
QUADERNI (**) IVA assolta
€ 52,00 - Deprezzamenti)
Periodico trimestrale su carta (4 numeri cartacei) dall’editore

ARCHIVIO STORICO BOLLETTINO DI L.T. SU CD € 98,36


€ 120,00 -
• Valutazioni orientate al mercato
Annate disponibili a partire dal 1994 + IVA 22%
(*) Tutte le pubblicazioni su carta comprendono la consultazione online dei singoli numeri e dell’archivio storico. (Market Comparison Approach; Sistema generale
(**) I “Quaderni” sono in omaggio con qualsiasi altro abbonamento a servizio singolo o Formula risparmio. di valutazione)
FORMULE RISPARMIO
FORMULA FORMULA FORMULA • Valutazioni orientate al reddito
SERVIZI COMPRESI BOLLETTINO BOLLETTINO COMPLETA (Tasso di capitalizzazione e tasso di interesse;
E BANCA DATI E RASSEGNE (MAX CONVENIENZA)
Capitalizzazione diretta)
ONLINE

Bollettino di Legislazione Tecnica online


con Banca dati 2a EDIZIONE • Valutazioni orientate al rischio
AMPLIATA, RINNOVATA
E INTEGRATA (Valutatore avanzato)
Bollettino di Legislazione Tecnica su carta CON GLI STANDARD (Investimenti immobiliari; Yield Capitalization;
PER IL VALUTATORE
Supplemento Giurisprudenza AVANZATO Discounted Cash Flow Analysis; Fondi immobiliari
SU CARTA

e SIIQ)
Supplemento Bollettino Unione Europea

Supplemento Edizioni

Supplemento Quaderni
NOVITÀ EDITORIALE DOWNLOAD
€ 210,00 € 260,00 € 290,00
SOFTWARE VÀLUTA

68,00
Costo NUOVO ABBONAMENTO annuale (anziché € 342,00 (anziché € 368,00 (anziché € 528,00
sconto 39%) sconto 29%) sconto 45%)
Valutazione immobili residenziali


€ 184,00 € 230,00 € 268,00 secondo i metodi MCA, SAD
Costo RINNOVO annuale (anziché € 342,00 (anziché € 368,00 (anziché € 528,00 e Capitalizzazione diretta.
sconto 46%) sconto 38%) sconto 49%)
IMPONIBILE/IVA IVA ASSOLTA DALL’EDITORE IVA ASSOLTA DALL’EDITORE IVA ASSOLTA DALL’EDITORE

CODICE MEPA LTFR1 LTFRF LTFR2

PER ABBONARSI O RINNOVARE


Vai su Chiama il numero verde
http://ltshop.legislazionetecnica.it/abbonamenti per parlare con un nostro
per completare l’acquisto in modo facile, operatore ed effettuare
veloce e sicuro.
Le Pubbliche amministrazioni possono effettuare
l’acquisto telefonico,
ricevere un preventivo acquistalo su: ltshop.legislazionetecnica.it
l’abbonamento o il rinnovo tramite il MEPA, personalizzato, ecc.
utilizzando i codici prodotto riportati nelle tabelle.
cover_BLT_02_2020.qxp_coverBLT 14/02/20 16:16 Pagina 1

CONTRATTI PUBBLICI Legislazione Tecnica 87° anno di pubblicazione

FEBBRAIO 2020
Periodico fondato nel 1933 dal dott. ing. Dino de Paolis

Bollettino
Francesco Russo

Sentenze Appalti
Rassegna sistematica e Ragionata
di giuRispRudenza in tema 02.2020 febbraio di Legislazione Tecnica
di appalti e contRatti pubblici
SISMABONUS
• Linee guida aggiornate ai sensi del D.M. 24/2020

Bollettino di Legislazione Tecnica


• Scheda tematica con indicazioni fiscali e tecniche
Principi generali, RUP

Contratti sotto soglia, servizi


di ingegneria e architettura

Operatori economici e
raggruppamenti

Preparazione e indizione della gara


PROFESSIONE
Requisiti di partecipazione e criteri • Guida pratica alla polizza di Responsabilità Civile per i tecnici
di selezione
VARIE
Commissione giudicatrice • IVA agevolata interventi di eliminazione barriere architettoniche
• Consolidamento strutturale con sistemi di rinforzo FRCM

Tariffa Roc - Poste Italiane S.p.A. Spedizione in Abbonamento Postale - D.L. 353/2003
Avvalimento e subappalto
SPECIALE INDICI E TASSI
Affidamento, aggiudicazione • Indice Istat dei prezzi al consumo per famiglie di operai e impiegati
e stipula del contratto (aggiornamenti, tabelle complete, utilizzo per locazioni, TFR e rivalutazioni)
• Indici Istat dei costi di costruzione di manufatti edilizi

(conv. in L. 27/02/2004 n. 46) art. 1 comma 1 - DCB - ROMA


Concessioni, PPP, settori speciali,
(aggiornamenti, tabelle complete, utilizzo per calcolo costi opere di ingegneria)
contratti infungibili
• Tassi di interesse per la rivalutazione dei crediti
Esecuzione e contenzioso (interessi legali e di mora, tabelle complete, disciplina per i contratti pubblici)

RUBRICHE
• Tutta la Normativa Nazionale e Regionale Gennaio 2020
euro • Aggiornamento norme UNI-CEI

42,00 • Massimario di Giurisprudenza

Volume inviato
in abbonamento nelle
Acquista online su: “Edizioni di
ltshop.legislazionetecnica.it/ Legislazione Tecnica”
Il Bollettino su Internet: Banca Dati News e
2 Periodico online Approfondimenti
legislazionetecnica.it normativa aggiornamenti

Potrebbero piacerti anche